Guideline Value for Ramakrishna Nagar 1st Street

Ramakrishna Nagar 1st Street guideline value

The current guideline value of Ramakrishna Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Ramakrishna Nagar 1st Street has changed

The guideline value of Ramakrishna Nagar 1st Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 245 per sq.ft. This increased to Rs 275 per sq.ft in 2003, marking a 12% change. The value saw a significant rise to Rs 1,500 per sq.ft in 2007, reflecting a 445% increase. In 2012, the guideline value was Rs 3,500 per sq.ft, which was a 133% increase from the previous revision. However, it dropped by 33% to Rs 2,345 per sq.ft in 2017.

From 2017 to 2023, the value increased by 49% to Rs 3,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, representing a 10% increase from the previous year. There are no figures available for any other revisions for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Ramakrishna Nagar 1st Street is below this median.

• Ramakrishna Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar 2nd Cross Street(Alias) Bhavani Amman Koil Street: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, resulting in a total of Rs 3,46,500. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramakrishna Nagar 1st Street?

The Sub Registrar Office that covers Ramakrishna Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The guideline value is set by the Registration Department and is updated periodically based on various factors.

When a property is registered, the buyer must pay the stamp duty 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 current market conditions.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 1st Street?

The current guideline value of Ramakrishna Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 245 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,471% over the years.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft property at the current guideline value, the total guideline value is Rs 38,50,000, with a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for Ramakrishna Nagar 1st Street?

The Sub Registrar Office for Ramakrishna Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of land in Ramakrishna Nagar 1st Street?

The land classification for Ramakrishna Nagar 1st Street is Residential Class II Type - III, indicating its use for residential purposes.