Guideline Value for Ramana Nagar / Extension

Ramana Nagar / Extension guideline value

The current guideline value of Ramana Nagar / Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Ramana Nagar / Extension has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded 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% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not contain figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 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 value for these streets is Rs 1,600 per sq.ft, making Ramana Nagar / Extension's 2024 figure of Rs 2,200 per sq.ft above the median.

• Ramana Avenue (Ward-08): 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 Nagar / Extension

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling Rs 1,98,000. It is important to note that 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 Ramana Nagar / Extension?

The Sub Registrar Office that covers Ramana Nagar / Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is compliant with local regulations. Buyers and sellers should be aware of the current guideline value to accurately estimate their costs during the property transaction process.

Frequently asked questions

What is the current guideline value of Ramana Nagar / Extension?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There were no changes recorded for the years 2003, 2007, and 2017 for this street.

What are the stamp duty and registration fees for properties in this area?

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 calculated based on the guideline value or the sale price, whichever is higher.

Which office do I need to visit for property registration in Ramana Nagar?

The Madhavaram Sub Registrar Office is responsible for property registration in Ramana Nagar / Extension. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Ramana Nagar / Extension?

Ramana Nagar / Extension is classified as Residential Class I Type - I, which indicates its suitability for residential development and transactions.