Guideline Value for Ramakrishna Avenue

Ramakrishna Avenue guideline value

The current guideline value of Ramakrishna Avenue is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramakrishna Avenue has changed

The guideline value for Ramakrishna Avenue has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure remained unchanged in the 2017 revision, which recorded a significant drop to Rs 1,005 per sq.ft. However, the value rebounded in the 2023 revision to Rs 1,500 per sq.ft, and further increased to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The 2023 to 2024 change reflects a 7% increase, while the jump from 2017 to 2023 represents a notable 49% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam village, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,150 per sq.ft, placing Ramakrishna Avenue's 2024 figure below that median.

• Ramakrishna Avenue Rajeswari Nagar 3rd Cross Street: Rs 850 per sq.ft (2024)
• Rajiv Gandhi Nagar: Rs 1,600 per sq.ft (2024)
• Ramasamy Street: Rs 3,750 per sq.ft (2024)
• Rajendran Street: Rs 1,300 per sq.ft (2024)
• Ranga Colony 1st Cross Street: Rs 1,900 per sq.ft (2024)
• Ranga Colony 1st Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Avenue

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Together, these costs total Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramakrishna Avenue?

The Sub Registrar Office that covers Ramakrishna Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Rajakilpakkam

The guideline value plays a crucial role in property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized value.

During the registration process, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Ramakrishna Avenue?

The current guideline value of Ramakrishna Avenue is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Ramakrishna Avenue?

Ramakrishna Avenue is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Ramakrishna Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at 7%.