Guideline Value for Ramalingam Nagar Extn 1st Street

Ramalingam Nagar Extn 1st Street guideline value

The current guideline value for Ramalingam Nagar Extn 1st Street in Madipakkam-1 village under the Velacheri SRO is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - III.

How the guideline value of Ramalingam Nagar Extn 1st Street has changed

The guideline value for Ramalingam Nagar Extn 1st Street has undergone several revisions over the years. The earliest recorded revision was in 2017, where the value was Rs 1,675 per sq.ft. Following this, the 2024 revision set the value at Rs 2,750 per sq.ft, marking a significant increase of 64% from the 2017 figure.

There are no recorded figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is equal to the current value of Ramalingam Nagar Extn 1st Street.

• Ramalingam Nagar Extension: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Main Road, Balaji Nagar III: Rs 3,850 per sq.ft (2024)
• Ramalingam Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Main Road(Shankardas 2nd Street): Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramalingam Nagar Extn 1st Street?

The Sub Registrar Office that covers Ramalingam Nagar Extn 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to determine the minimum value for taxation purposes. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value for Ramalingam Nagar Extn 1st Street?

The current guideline value for Ramalingam Nagar Extn 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft, which is a rise of 64%.

Are there any years without a recorded guideline value for this street?

Yes, the register has no recorded figures for the years 2023, 2012, 2007, 2003, and 2002 for Ramalingam Nagar Extn 1st Street.

What is the stamp duty rate in Tamil Nadu?

The stamp duty rate in Tamil Nadu is typically 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%.

Where can I find more information about the Sub Registrar Office?

You can find more information about the Sub Registrar Office covering Ramalingam Nagar Extn 1st Street at the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more details, you can find your SRO.