Guideline Value for Ramana Nagar 2nd Street

Ramana Nagar 2nd Street guideline value

The current guideline value of Ramana Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO and is classified as Residential Class II Type - I.

How the guideline value of Ramana Nagar 2nd Street has changed

The guideline value for Ramana Nagar 2nd Street has undergone several revisions over the years. The oldest recorded figure is from the 2012 revision, which was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. The most recent revision in 2024 shows an increase to Rs 1,600 per sq.ft, marking a 59% rise from the 2017 figure.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. Overall, comparing the 2012 and 2024 figures, there has been a slight increase of 7%. It is important to note that the register has no figures for this street for the years 2023, 2007, 2003, and 2002.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft as per the 2024 revision. The median guideline value in this village is Rs 2,400 per sq.ft, indicating that the guideline value of Ramana Nagar 2nd Street is below this median.

• Ramana Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 6th Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramana Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ramana Nagar 2nd Street?

The Sub Registrar Office that covers Ramana Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is an essential factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value in accordance with government regulations.

When buying or selling property, the guideline value impacts the calculation of stamp duty and registration fees. Buyers should be aware that these costs are based on the higher of the guideline value or the sale price, which can influence the overall financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Ramana Nagar 2nd Street?

The current guideline value of Ramana Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. There was a decrease of 33% from 2012 to 2017, followed by a 59% increase from 2017 to 2024.

What is the land classification of Ramana Nagar 2nd Street?

Ramana Nagar 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ramana Nagar 2nd Street?

The Selaiyur Sub Registrar Office covers Ramana Nagar 2nd Street and is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.