Guideline Value for Ramakrishnaraji Nagar 2nd street

Ramakrishnaraji Nagar 2nd street guideline value

The current guideline value of Ramakrishnaraji Nagar 2nd street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Ramakrishnaraji Nagar 2nd street has changed

The guideline value for Ramakrishnaraji Nagar 2nd street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. The most recent revision in 2024 increased this to Rs 2,750 per sq.ft, marking a significant increase of 64% from the previous figure.

There are no figures available for the years 2023, 2012, 2007, 2003, and 2002 in the register for this street. Therefore, the only relevant revisions are from 2017 to 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for this area is Rs 2,750 per sq.ft, which is the same as the 2024 guideline value for Ramakrishnaraji Nagar 2nd street.

• Ramakrishnaraji nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraji Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• RamaKrishna Raj 5th Street, Sheela Nagar: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraji Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraj Nagar: Rs 2,750 per sq.ft (2024)
• Ramakishna Nagar, Manikavasagar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishnaraji Nagar 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers Ramakrishnaraji Nagar 2nd street?

The Sub Registrar Office that covers Ramakrishnaraji Nagar 2nd 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 additional information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1 as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Ramakrishnaraji Nagar 2nd street?

The current guideline value of Ramakrishnaraji Nagar 2nd street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, which is a change of 64%.

What is the land classification for Ramakrishnaraji Nagar 2nd street?

Ramakrishnaraji Nagar 2nd street is classified as Residential Class I Type - III.

Where can I find the registration office for this area?

The registration office for Ramakrishnaraji Nagar 2nd street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%.