Guideline Value for Ramalingam Nagar Sokkanatha Street

Ramalingam Nagar Sokkanatha Street guideline value

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

How the guideline value of Ramalingam Nagar Sokkanatha Street has changed

The guideline value for Ramalingam Nagar Sokkanatha Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 1,675 per sq.ft. This value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with the median value being Rs 2,750 per sq.ft. The guideline value for Ramalingam Nagar Sokkanatha Street aligns with this median.

• Ramalingam Nagar sivasubramaniyam Street: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Sankaradas Street: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Main Road(Shankardas 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 Main Road: Rs 2,750 per sq.ft (2024)
• Ramalingam Nagar Extn 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalingam Nagar Sokkanatha Street

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

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramalingam Nagar Sokkanatha Street?

The Sub Registrar Office that covers Ramalingam Nagar Sokkanatha 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 is a crucial factor during property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring compliance with legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Ramalingam Nagar Sokkanatha Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over the years.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 27,50,000, the total fees would be Rs 2,47,500.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Ramalingam Nagar Sokkanatha Street?

Ramalingam Nagar Sokkanatha Street is classified as Residential Class I Type - III according to the land classification standards.