Guideline Value for Ramamurthy Colony 1st Cross Street

Ramamurthy Colony 1st Cross Street guideline value

The current guideline value for Ramamurthy Colony 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramamurthy Colony 1st Cross Street has changed

The guideline value for Ramamurthy Colony 1st Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 1,000 per sq.ft. This increased to Rs 2,000 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a 33% drop. The next revision in 2023 saw a significant increase to Rs 2,000 per sq.ft, and the latest revision in 2024 further raised it to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 120%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 3,301 per sq.ft, placing Ramamurthy Colony 1st Cross Street below this median.

• Ramamurthy Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony Main Road: Rs 3,301 per sq.ft (2024)
• Ramanibai Colony Cross Street: Rs 2,400 per sq.ft (2024)
• Ramanibhai Colony Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ramamurthy Colony 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ramamurthy Colony 1st Cross Street?

The Sub Registrar Office that covers Ramamurthy Colony 1st Cross Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value is used to calculate the stamp duty and registration fees applicable during the transaction.

When purchasing property, the buyer must ensure that the sale price is not lower than the guideline value to avoid legal complications. This ensures that all transactions are transparent and adhere to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Ramamurthy Colony 1st Cross Street?

The current guideline value for Ramamurthy Colony 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Ramamurthy Colony 1st Cross Street?

The Sembiam Sub Registrar Office handles registrations for Ramamurthy Colony 1st Cross Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating stamp duty and registration fees during transactions.