Guideline Value for Ramakrishna Nagar 2nd Cross Street

Ramakrishna Nagar 2nd Cross Street guideline value

The current guideline value of Ramakrishna Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Ramakrishna Nagar 2nd Cross Street has changed

Over the years, the guideline value for Ramakrishna Nagar 2nd Cross Street has seen several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, the value then decreased to Rs 2,345 per sq.ft in 2017, reflecting a drop of 33%. The subsequent 2023 revision raised the value to Rs 3,500 per sq.ft, and the latest revision in 2024 has increased it further to Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 157% in the guideline value.

Guideline values in Velachery

In Velachery village, 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 for Ramakrishna Nagar 2nd Cross Street is below this median.

• Ramakrishna Nagar 1st Street: 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 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 2nd Cross 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 is calculated at 7%, which comes to Rs 2,69,500, and the registration fee is 2%, amounting to Rs 77,000. Therefore, the total cost for stamp duty and registration fee would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ramakrishna Nagar 2nd Cross Street?

The Sub Registrar Office that covers Ramakrishna Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Velachery, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling a property, the guideline value serves as a reference point to ensure that the transaction is registered at a value that reflects the property’s worth according to the government’s assessment.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 2nd Cross Street?

The current guideline value of Ramakrishna Nagar 2nd Cross 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 157% over the years.

What are the stamp duty and registration fees for a property here?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for this street?

The Velacheri Sub Registrar Office handles registrations for Ramakrishna Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Ramakrishna Nagar 2nd Cross Street?

Ramakrishna Nagar 2nd Cross Street is classified as Residential Class II Type - III, indicating its designated use for residential purposes.