Guideline Value for Ramamoorthy Nagar

Ramamoorthy Nagar guideline value

The current guideline value for Ramamoorthy Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Ramamoorthy Nagar has changed

The guideline value for Ramamoorthy Nagar has seen several revisions over the years. The register shows no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, which increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

This increase reflects a consistent adjustment in the guideline values for the area. The 2024 figure of Rs 2,750 per sq.ft is equal to the median guideline value for Madipakkam-1, which ranges from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value 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 the same as the current value for Ramamoorthy Nagar. The following are the guideline values for other streets in Madipakkam-1:

• Ramamoorthy Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Ramamoorthy Nagar 1st street: Rs 2,750 per sq.ft (2024)
• Ramamoorthy Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Ramamoorthy Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Ramamoorthy Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Ramamoorthy Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ramamoorthy Nagar

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. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ramamoorthy Nagar?

The Sub Registrar Office that covers Ramamoorthy Nagar 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 Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate taxes on property transactions.

When buying or selling property, the guideline value helps both parties understand the baseline for pricing and the associated costs, such as stamp duty and registration fees, which are calculated based on this value.

Frequently asked questions

What is the current guideline value for Ramamoorthy Nagar?

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

How much has the guideline value changed recently?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1, such as Ramamoorthy Nagar 1st Main Road and Ramamoorthy Nagar 2nd Main Road, also have a guideline value of Rs 2,750 per sq.ft for 2024.

How is stamp duty calculated for properties in Ramamoorthy Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500.

Where can I find the Sub Registrar Office for Ramamoorthy Nagar?

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