Guideline Value for Ramalingam Street

Ramalingam Street guideline value

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

How the guideline value of Ramalingam Street has changed

Over the years, the guideline value of Ramalingam Street has seen significant changes. In 2002, the guideline value was Rs 228 per sq.ft, which increased to Rs 256 per sq.ft in 2003, marking a 12% rise. The value then experienced a dramatic increase to Rs 1,500 per sq.ft in 2007, a rise of 486%. The next revision in 2017 saw the value jump to Rs 2,345 per sq.ft, reflecting a 56% increase. The 2023 revision set the value at Rs 3,500 per sq.ft, which was a 49% increase from the previous revision. The register has no figure for this street in 2012.

The most recent revision in 2024 has raised the guideline value to Rs 3,850 per sq.ft, a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by a remarkable 1589%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Ramalingam Street's 2024 figure below that median.

• Raman Avenue: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Ramakrishna Nagar E.B.Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Ramakrishna Nagar E.B.Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Ramakrishna Nagar E.B.Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Ramakrishna Nagar E.B.Colony 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalingam 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, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. The total cost for stamp duty and registration would be Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramalingam Street?

The Sub Registrar Office that covers Ramalingam 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 information.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees that are payable at the time of registration.

When a buyer and seller agree on a sale price, the higher of the sale price and the guideline value is considered for calculating the applicable duties and fees. This ensures that the registration process is aligned with the official valuation of properties in the area.

Frequently asked questions

What is the current guideline value of Ramalingam Street?

The current guideline value of Ramalingam 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 228 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1589% over the years.

What are the stamp duty rates applicable for properties in Ramalingam Street?

The stamp duty for properties in Ramalingam Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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

What is the land classification for Ramalingam Street?

Ramalingam Street is classified as Residential Class II Type - III, indicating its designation for residential use.