Guideline Value for Raman Nagar

Raman Nagar guideline value

The current guideline value of Raman Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Raman Nagar has changed

In the 2012 revision, the guideline value for Raman Nagar was Rs 2,000 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded a value of Rs 2,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, and Raman Nagar's 2024 figure of Rs 2,200 per sq.ft is above this median.

• Raman Nagar, Lakshmipuram (Ward-26): 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

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, making the total cost for these charges Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Raman Nagar?

The Sub Registrar Office that covers Raman Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This ensures that the transaction is recorded officially and that the appropriate taxes are collected by the government.

When buying or selling property, it is essential to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Buyers and sellers should ensure that they are informed about the latest revisions to avoid any unexpected fees during the registration process.

Frequently asked questions

What is the current guideline value of Raman Nagar?

The current guideline value of Raman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. There was no change in the figure from 2012 to 2023, where it remained at Rs 2,000 per sq.ft.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram village is Rs 1,600 per sq.ft. Raman Nagar's 2024 figure of Rs 2,200 per sq.ft is above this median.

What are the stamp duty and registration fees for a property in Raman Nagar?

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. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Raman Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in Raman Nagar.