Guideline Value for Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar

Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar guideline value

The current guideline value of Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar is Rs 2,400 per sq.ft, effective from 1 July 2024. This area is located in Ernavur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar has changed

The guideline value for Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar has undergone several revisions over the years. In 2007, the guideline value was Rs 500 per sq.ft, which saw a significant increase to Rs 2,200 per sq.ft in 2012, marking a rise of 340%. However, this value dropped to Rs 1,474 per sq.ft in 2017, reflecting a decrease of 33%. The value then increased substantially to Rs 2,200 per sq.ft in 2023, which was a rise of 49% from the 2017 figure. The latest revision in 2024 set the guideline value at Rs 2,400 per sq.ft, representing a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 380%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar is above this median.

• Ramanathapuram Nagar/Street: Rs 1,600 per sq.ft (2024)
• Rajiv Gandhi Nagar (Corner Plots): Rs 3,300 per sq.ft (2024)
• Rajivgandhi Nagar: Rs 3,300 per sq.ft (2024)
• Rukmani Nagar: Rs 1,800 per sq.ft (2024)
• Puratchi Thalaivar Nagar: Rs 1,400 per sq.ft (2024)
• Sakthipuram: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total cost for these fees Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar?

The Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar area is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ernavur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

When a property is registered, the guideline value is considered for calculating the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar?

The current guideline value of Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, increasing from Rs 500 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, which is an overall increase of 380%.

What is the land classification for this area?

The land classification for Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar is Residential Special Type - I.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 at 7%.