Guideline Value for Ramalinga Nagar 1st Cross Street

Ramalinga Nagar 1st Cross Street guideline value

The current guideline value of Ramalinga Nagar 1st Cross 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 1st Cross Street has changed

The guideline value for Ramalinga Nagar 1st Cross Street has undergone several revisions over the years. In 2002, the value was Rs 373 per sq.ft, which increased to Rs 415 per sq.ft in 2003. The value saw a significant rise to Rs 900 per sq.ft in 2007, and then it jumped to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 3,500 per sq.ft, and the latest revision in 2024 set it at Rs 3,850 per sq.ft.

Between the revisions, there have been notable changes. From 2017 to 2023, the guideline value increased by 49%. The 2012 to 2017 period saw a decrease of 33%. The 2007 to 2012 revision experienced a substantial increase of 289%. From 2003 to 2007, the value rose by 117%, and from 2002 to 2003, it increased by 11%. Overall, from 2002 to 2024, the guideline value has risen by 932%.

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 Ramalinga Nagar 1st Cross Street's 2024 figure below that median.

• Ramalinga Nagar 1st 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 Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, these fees total Rs 3,46,500. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Ramalinga Nagar 1st Cross Street?

The Sub Registrar Office that covers Ramalinga Nagar 1st Cross 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 is a crucial factor when buying or selling property in Chenchery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that the guideline value can affect the overall cost of property transactions.

When registering a property, the guideline value is used to calculate the applicable fees. It is essential to ensure that the sale price is accurately reflected, as the higher value between the guideline and sale price will be considered for duty calculations.

Frequently asked questions

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

The current guideline value of Ramalinga Nagar 1st Cross 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 significantly from Rs 373 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 932% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office handles registrations for Ramalinga Nagar 1st Cross Street?

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

How is the guideline value determined for properties in Chenchery?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and previous revisions. It serves as a reference for calculating stamp duty and registration fees during property transactions.