Guideline Value for Ramakrishna Nagar

Ramakrishna Nagar guideline value

The current guideline value of Ramakrishna Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Melamaiyur village and falls under the Chengleput Joint I SRO. The land classification for this street is Mixed Special Type - III.

How the guideline value of Ramakrishna Nagar has changed

The guideline value for Ramakrishna Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 200 per sq.ft. It increased significantly to Rs 1,200 per sq.ft in 2012, marking a 500% rise. However, the value saw a decrease to Rs 804 per sq.ft in 2017, a drop of 33%. The 2023 revision brought the value back up to Rs 1,200 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value rose by 49%, and overall, from 2007 to 2024, the guideline value has increased by 560%. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft, with a median value of Rs 1,212 per sq.ft. The guideline value of Ramakrishna Nagar is above this median.

• Rakamth Goldencity: Rs 1,100 per sq.ft (2024)
• Sabthagiri nagar: Rs 825 per sq.ft (2024)
• Sathyakanthy Avenue: Rs 1,650 per sq.ft (2024)
• Parvathi Nagar: Rs 1,100 per sq.ft (2024)
• Soundar Nagar: Rs 1,100 per sq.ft (2024)
• Sri Ganapathi Avenue: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishna Nagar?

The Sub Registrar Office covering Ramakrishna Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Melamaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar?

The current guideline value of Ramakrishna Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, showing an overall increase of 560% over these years.

What is the land classification for Ramakrishna Nagar?

The land classification for Ramakrishna Nagar is Mixed Special Type - III, which indicates the type of development and usage allowed in the area.

Where can I find the Chengleput Joint I SRO?

The Chengleput Joint I SRO is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Ramakrishna Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in a total stamp duty of Rs 92,400.