Guideline Value for Ramana Nagar 3rd Street

Ramana Nagar 3rd Street guideline value

The current guideline value of Ramana Nagar 3rd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramana Nagar 3rd Street has changed

Over the years, the guideline value for Ramana Nagar 3rd Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in 2017. The most recent revision in 2024 has increased the value to Rs 1,600 per sq.ft, marking a significant increase of 59% from the 2017 figure. Overall, from 2012 to 2024, there has been a slight increase of 7%.

It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2023 for this street. The changes in guideline value reflect the adjustments made during the revisions, with the most recent figure being the highest recorded for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft as of 2024. The median guideline value in this area is Rs 2,400 per sq.ft, indicating that the 2024 figure for Ramana Nagar 3rd Street is below this median.

• Ramana Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar 1st Street: 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)
• Ramana Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramana Nagar 3rd 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, while the registration fee at 2% would be Rs 32,000, bringing the total costs to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramana Nagar 3rd Street?

The Sub Registrar Office that covers Ramana Nagar 3rd 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 more information.

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

The guideline value plays a crucial role when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally, providing protection for both the buyer and seller.

Frequently asked questions

What is the current guideline value for Ramana Nagar 3rd Street?

The current guideline value for Ramana Nagar 3rd 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 to Rs 1,600 per sq.ft in 2024. This represents a 59% increase from 2017 to 2024 and a 7% increase overall from 2012 to 2024.

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

For a property valued at 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. These fees are based on the higher of the guideline value or the sale price.

Which office handles property registration in Ramana Nagar 3rd Street?

The Selaiyur Sub Registrar Office handles property registration for Ramana Nagar 3rd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the guideline value determined in Madambakkam?

The guideline value in Madambakkam is determined by the Registration Department's guideline value register. It varies for different streets and is revised periodically to reflect changes in the market and land classification.