Guideline Value for Raman Street

Raman Street guideline value

The current guideline value of Raman Street in Konnur village, under the Konnur SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This classification falls under Residential Special Type - I.

How the guideline value of Raman Street has changed

The guideline value for Raman Street has undergone several revisions over the years. In 2003, the value was Rs 950 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007, marking a significant rise of 58%. The value then saw a dramatic increase of 267% to reach Rs 5,500 per sq.ft in 2012. However, it decreased to Rs 3,685 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 5,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 6,000 per sq.ft, a 9% increase from the previous year.

It is important to note that there is no figure available for Raman Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 532%.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Raman Street's 2024 guideline value above this median.

• Ramani Street: Rs 3,800 per sq.ft (2024)
• Ramamanthiram Street: Rs 5,500 per sq.ft (2024)
• Ramakrishna Nagar (R.K.Nagar): Rs 3,800 per sq.ft (2024)
• Rangadass Reddy Colony & Streets: Rs 3,800 per sq.ft (2024)
• Rajiv Gandhi Nagar: Rs 3,800 per sq.ft (2024)
• Redhills Road (Adjoinging Main Bazaar Street(Door No.1 to 57 and 134 to 167): Rs 5,500 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 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total charges to Rs 5,40,000. It is essential to note that the duty is charged on the higher of the guideline value and 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 Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a critical factor during property registration in Konnur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property transaction occurs, the registration office uses the guideline value to calculate the applicable duties. This value is essential for both buyers and sellers to understand, as it directly influences the overall costs associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of Raman Street?

The current guideline value of Raman Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 950 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 532% over the years.

What is the land classification for Raman Street?

Raman Street is classified as Residential Special Type - I, which influences its guideline value and usage.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at 7%.