Guideline Value for Ramalinga Colony D Block 1st Street (Ward 23)

Ramalinga Colony D Block 1st Street (Ward 23) guideline value

The current guideline value for Ramalinga Colony D Block 1st Street (Ward 23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Ramalinga Colony D Block 1st Street (Ward 23) has changed

Over the years, the guideline value for Ramalinga Colony D Block 1st Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from Rs 1,675 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the current 2024 revision has further increased it to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

Notably, the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Ramalinga Colony D Block 1st Street's 2024 figure above that median.

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

Stamp duty and registration fee for property in Ramalinga Colony D Block 1st Street (Ward 23)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramalinga Colony D Block 1st Street (Ward 23)?

The Sub Registrar Office that covers Ramalinga Colony D Block 1st Street (Ward 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 for property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the registration fees and stamp duties are calculated accordingly.

When buyers and sellers engage in property transactions, the guideline value helps in assessing the financial implications of the sale. It is important for both parties to be aware of the current guideline value to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value for Ramalinga Colony D Block 1st Street (Ward 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, representing an 8% increase. It was Rs 1,675 per sq.ft in 2017, which shows a 49% increase to the 2023 figure.

What is the land classification for Ramalinga Colony D Block 1st Street?

The land classification for Ramalinga Colony D Block 1st Street is Residential Special Type - I.

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 of the property. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at 7%.