Guideline Value for Ramakrishna Street

Ramakrishna Street guideline value

The current guideline value of Ramakrishna Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO and is classified as Residential Special Type - II.

How the guideline value of Ramakrishna Street has changed

Since the 2003 revision, the guideline value for Ramakrishna Street has seen significant changes. In 2003, the value was Rs 1,401 per sq.ft, which increased to Rs 1,700 per sq.ft in 2007, marking a 21% increase. The value then surged to Rs 5,000 per sq.ft in 2012, reflecting a remarkable 194% rise. However, it dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

There is no guideline value recorded for Ramakrishna Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 293%.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Ramakrishna Street's 2024 figure above this median.

• Ramalinga Mudali Street: Rs 4,400 per sq.ft (2024)
• Ramaiyer Street: Rs 3,800 per sq.ft (2024)
• Ramaiahpillai Garden Street: Rs 4,400 per sq.ft (2024)
• Ramanan Street: Rs 5,500 per sq.ft (2024)
• Ramanujam Aiyer Street: Rs 3,800 per sq.ft (2024)
• Ramachandra Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty is calculated at 7%, resulting in Rs 3,85,000, while the registration fee at 2% amounts to Rs 1,10,000. Together, these fees total Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishna Street?

The Sub Registrar Office that covers Ramakrishna Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in determining the registration fees and stamp duty when buying or selling property in Muthiyalpet. It represents the minimum value at which property transactions are registered, ensuring that the government receives appropriate revenue from property sales.

When a property is sold, the guideline value serves as a benchmark for calculating taxes and fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Ramakrishna Street?

The current guideline value of Ramakrishna Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,401 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 293% over the years.

What are the stamp duty and registration fees for properties on Ramakrishna Street?

For a property valued at the current guideline value of Rs 5,500 per sq.ft, the total stamp duty and registration fees would amount to Rs 4,95,000 for a 1,000 sq.ft plot.

Which Sub Registrar Office handles transactions for Ramakrishna Street?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles transactions for Ramakrishna Street.

What is the land classification for Ramakrishna Street?

Ramakrishna Street is classified as Residential Special Type - II, indicating its suitability for residential development.