Guideline Value for Ramalinga Colony D - Block 1st Cross st ( Ward No.23 )

Ramalinga Colony D - Block 1st Cross st ( Ward No.23 ) guideline value

The current guideline value of Ramalinga Colony D - Block 1st Cross st ( Ward No.23 ) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this property is Residential Special Type - I.

How the guideline value of Ramalinga Colony D - Block 1st Cross st ( Ward No.23 ) has changed

Over the years, the guideline value for Ramalinga Colony D - Block 1st Cross st has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to the current rate of Rs 2,700 per sq.ft in the 2024 revision. The changes from 2012 to 2024 reflect an overall increase of 8%.

Specifically, from 2023 to 2024, there was an increase of 8%, while the jump from 2017 to 2023 was a substantial 49%. The revisions for the years 2002, 2003, and 2007 do not have any figures recorded for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, placing the guideline value of Ramalinga Colony D - Block 1st Cross st above this median.

• Ramalinga Colony C Block (Ward-23): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony D Block 1st Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony C - Block Road ( Ward No.23 ): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony D - Block 2nd Cross st ( Ward No.23 ): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony C - Block 3rd Cross st ( Ward No.23 ): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony D Block 2nd Street (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalinga Colony D - Block 1st Cross st ( Ward No.23 )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. 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 Ramalinga Colony D - Block 1st Cross st ( Ward No.23 )?

The Sub Registrar Office that covers Ramalinga Colony D - Block 1st Cross st ( Ward No.23 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating the stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This means that if the sale price is lower than the guideline value, the stamp duty will still be calculated based on the guideline value, protecting the interests of the state and ensuring proper revenue collection.

Frequently asked questions

What is the current guideline value for Ramalinga Colony D - Block 1st Cross st?

The current guideline value for Ramalinga Colony D - Block 1st Cross st ( Ward No.23 ) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, marking an 8% increase. It was Rs 1,675 per sq.ft in 2017, indicating a 49% increase from that year to 2023.

What is the land classification for this area?

The land classification for Ramalinga Colony D - Block 1st Cross st is Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

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 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.