Guideline Value for Raman Street

Raman Street guideline value

The current guideline value of Raman Street in Nanganallur village, under the Alandur SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II 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 2002, the guideline value was Rs 329 per sq.ft, which increased to Rs 374 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,800 per sq.ft in 2024.

Notably, the changes between the revisions indicate a +12% increase from 2023 to 2024, a +49% increase from 2017 to 2023, a -33% decrease from 2012 to 2017, a +257% increase from 2007 to 2012, a +87% increase from 2003 to 2007, and a +14% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by +751%.

Guideline values in Nanganallur

In Nanganallur, there are 155 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing Raman Street's 2024 figure below that median.

• Raman Thottam: Rs 2,800 per sq.ft (2024)
• Raman Thottam 1st Street: Rs 2,800 per sq.ft (2024)
• Raman Thottam 2nd Street: Rs 2,800 per sq.ft (2024)
• Ram Nagar 2nd Main road: Rs 4,400 per sq.ft (2024)
• R. Mohanarangam Main road: Rs 5,500 per sq.ft (2024)
• Rajaji 2nd Street: Rs 2,800 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, together totaling Rs 2,52,000. It is important to note that the 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 Street?

The Sub Registrar Office that covers Raman Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Nanganallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is considered alongside the sale price. If the sale price is higher than the guideline value, the duty will be charged on the sale price; otherwise, it will be based on the guideline value.

Frequently asked questions

What is the current guideline value of Raman Street?

The current guideline value of Raman Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 329 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +751% over the years.

What is the land classification for Raman Street?

The land classification for Raman Street is Residential Class II Type - I, indicating its use for residential purposes.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, a 1,000 sq.ft property would incur a total fee of Rs 2,52,000.

Where is the Sub Registrar Office located for Raman Street?

The Alandur Sub Registrar Office, which covers Raman Street, is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.