Guideline Value for Ramana Avenue (Ward-08)

Ramana Avenue (Ward-08) guideline value

The current guideline value of Ramana Avenue (Ward-08) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Ramana Avenue (Ward-08) has changed

Over the years, the guideline value of Ramana Avenue has seen several revisions. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in the 2023 revision. Notably, the 2023 to 2024 change reflects a 10% increase. The 2012 revision also recorded a value of Rs 2,000 per sq.ft, indicating no change from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The consistent value of Rs 2,000 per sq.ft from 2012 to 2023 shows stability in this period, while the recent revision marks a significant adjustment in the current value.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Ramana Avenue above this median.

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

Stamp duty and registration fee for property in Ramana Avenue (Ward-08)

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 fees together Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ramana Avenue (Ward-08)?

The Sub Registrar Office that covers Ramana Avenue (Ward-08) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It is the minimum value set by the government for property transactions and is used to calculate the stamp duty and registration fees applicable during the sale.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency in property dealings and ensures that the government receives appropriate revenue from the transactions.

Frequently asked questions

What is the current guideline value of Ramana Avenue?

The current guideline value of Ramana Avenue (Ward-08) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Ramana Avenue has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. There was no change from 2012 to 2023, where the value remained at Rs 2,000 per sq.ft.

What is the land classification of Ramana Avenue?

Ramana Avenue is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Ramana Avenue?

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 Ramana Avenue located?

The Sub Registrar Office for Ramana Avenue (Ward-08) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of property transactions in the area.