Guideline Value for Raman Nagar, Lakshmipuram (Ward-26)

Raman Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Raman Nagar, Lakshmipuram (Ward-26) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class I Type - I. The guideline value is determined by the Madhavaram SRO.

How the guideline value of Raman Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Raman Nagar, Lakshmipuram has undergone several revisions over the years. In the 2012 revision, the value was Rs 2,000 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Raman Nagar's 2024 figure above this median.

• Raman Nagar: Rs 2,200 per sq.ft (2024)
• Ramani Nagar ( Ward No.25 ): Rs 1,300 per sq.ft (2024)
• Ramani Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Ramani Nagar: Rs 2,500 per sq.ft (2024)
• Ramana Nagar / Extension: Rs 2,200 per sq.ft (2024)
• Ramanujam Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Raman Nagar, Lakshmipuram (Ward-26)

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 cost for these fees 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.

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

Which Sub Registrar Office covers Raman Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Raman Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is used as a benchmark for property transactions in Madhavaram. When buying or selling property, the guideline value helps determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the official valuation of the property.

At the time of registration, the guideline value is compared to the sale price, and the higher of the two is used to calculate the necessary fees. This process ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Raman Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Raman Nagar, Lakshmipuram (Ward-26) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen changes from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. The value remained unchanged at Rs 2,000 per sq.ft in 2023.

What is the land classification for Raman Nagar, Lakshmipuram?

Raman Nagar, Lakshmipuram is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.

How is the stamp duty calculated for properties in Raman Nagar?

Stamp duty is calculated on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000.