Guideline Value for Ramalinga Nagar 1st Street

Ramalinga Nagar 1st Street guideline value

The current guideline value of Ramalinga Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Chenchery village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramalinga Nagar 1st Street has changed

The guideline value for Ramalinga Nagar 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 373 per sq.ft. This increased to Rs 415 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 900 per sq.ft, reflecting a 117% increase. The 2012 revision saw the value remain at Rs 3,500 per sq.ft, but this was a decrease of 33% from the previous figure.

In 2017, the guideline value increased to Rs 2,345 per sq.ft, which was a 49% rise from 2012. The most recent revisions show a guideline value of Rs 3,500 per sq.ft in 2023, followed by the current value of Rs 3,850 per sq.ft in 2024, marking a 10% increase. The register has no figure for this street for the years not listed.

Guideline values in Chenchery

In Chenchery village, there are 44 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 7,700 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing the 2024 figure for Ramalinga Nagar 1st Street below this median.

• Ramalinga Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Rajendiran Road(Natesan Nagar): Rs 4,950 per sq.ft (2024)
• Raghavendira Colony: Rs 4,950 per sq.ft (2024)
• Sai Nagar Vinayagam Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalinga Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value, the calculation is as follows: the guideline value is Rs 38,50,000. The stamp duty at 7% amounts to Rs 2,69,500, and the registration fee at 2% is Rs 77,000. Together, these fees total Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ramalinga Nagar 1st Street?

The Sub Registrar Office that covers Ramalinga Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Chenchery. It serves as a benchmark for determining the minimum price at which property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the costs associated with the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Ramalinga Nagar 1st Street?

The current guideline value of Ramalinga Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 373 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 932% over the years.

What are the stamp duty and registration fees for property in Ramalinga Nagar 1st Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees amount to Rs 3,46,500, based on the current guideline value.

Which Sub Registrar Office covers this area?

The Virugambakkam Sub Registrar Office covers Ramalinga Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Ramalinga Nagar 1st Street?

The land classification for Ramalinga Nagar 1st Street is Residential Class II Type - I, indicating its suitability for residential development.