Guideline Value for Ramalinga Nagar 2nd Street

Ramalinga Nagar 2nd Street guideline value

The current guideline value for Ramalinga Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Chenchery village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramalinga Nagar 2nd Street has changed

The guideline value for Ramalinga Nagar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 373 per sq.ft. This figure increased to Rs 415 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 900 per sq.ft in 2007, reflecting a growth of 117%. Following this, in 2012, the value was revised to Rs 3,500 per sq.ft, which was a substantial increase of 289% from the previous revision. However, in 2017, the guideline value decreased to Rs 2,345 per sq.ft, showing a decline of 33%.

The most recent revisions show a steady increase. In 2023, the guideline value was set at Rs 3,500 per sq.ft, and it increased by 10% to Rs 3,850 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 932% for this street.

Guideline values in Chenchery

Chenchery village has a range of guideline values across its 44 streets under the Virugambakkam SRO, with figures for 2024 ranging from Rs 2,750 to Rs 7,700 per sq.ft. The median guideline value for the village is Rs 4,400 per sq.ft, positioning Ramalinga Nagar 2nd Street's 2024 figure below this median.

• Ramalinga Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 1st Cross 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. It is important to note that the 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 Nagar 2nd Street?

The Sub Registrar Office that covers Ramalinga Nagar 2nd 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chenchery. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value is the basis for calculating stamp duty and registration fees.

When a property is sold, the sale price is compared to the guideline value. The higher of the two values will be used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramalinga Nagar 2nd Street?

The current guideline value of Ramalinga Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 373 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 932% over this period.

What are the other streets in Chenchery with similar guideline values?

Other streets in Chenchery with similar guideline values include Ramalinga Nagar 2nd Cross Street, Ramalinga Nagar 1st Street, and Ramalinga Nagar 1st Cross Street, all at Rs 3,850 per sq.ft in 2024.

What fees are associated with buying property in Ramalinga Nagar 2nd Street?

When buying property in Ramalinga Nagar 2nd Street, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ramalinga Nagar 2nd Street?

The Sub Registrar Office for Ramalinga Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.