Guideline Value for Raman Street

Raman Street guideline value

The current guideline value of Raman Street in Hastinapuram village is Rs 2,970 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Raman Street has changed

The guideline value for Raman Street has seen several revisions over the years. In 2007, the value was Rs 700 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a rise of 286%. However, it dropped to Rs 1,809 per sq.ft in 2017, a decrease of 33%. The value then saw a substantial increase to Rs 2,700 per sq.ft in 2023, followed by another increase to Rs 2,970 per sq.ft in 2024, reflecting a growth of 10% from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, Raman Street's guideline value has increased by 324%. The revisions indicate a fluctuating yet upward trend in the guideline value over the years, with the most recent figure aligning with the median value of Rs 2,970 per sq.ft for other streets in Hastinapuram.

Guideline values in Hastinapuram

Hastinapuram village has 277 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the current guideline value for Raman Street. Below are other streets in Hastinapuram with their respective 2024 guideline values:

• Ramanujam Street: Rs 2,970 per sq.ft (2024)
• Raman 1st Street: Rs 2,970 per sq.ft (2024)
• Ramamurthy Street: Rs 2,970 per sq.ft (2024)
• Ramaswamy Street (Dikshither Nagar): Rs 1,650 per sq.ft (2024)
• Rambakthi Nagar: Rs 2,970 per sq.ft (2024)
• Ramalakshmi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Raman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total cost to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raman Street?

The Sub Registrar Office that covers Raman Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Hastinapuram. It is used to determine the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in the official register. Buyers and sellers must consider this value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Raman Street?

The current guideline value of Raman Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 324% over the years.

What is the median guideline value for streets in Hastinapuram?

The median guideline value for streets in Hastinapuram is Rs 2,970 per sq.ft, which is the same as the current value for Raman Street.

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

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles the registration for Raman Street?

The Pallavaram Sub Registrar Office handles the registration for Raman Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.