Guideline Value for Ramana Nagar 6th Street

Ramana Nagar 6th Street guideline value

The current guideline value of Ramana Nagar 6th 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 6th Street has changed

The guideline value for Ramana Nagar 6th Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and most recently to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a modest increase of 7%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. Ramana Nagar 6th Street's 2024 guideline value is below this median.

• Ramana Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar Ext 1st Cross Street: Rs 1,900 per sq.ft (2024)
• Ramana Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar Ext 2nd Cross Street: Rs 1,900 per sq.ft (2024)
• Ramana Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Ramana Nagar Ext 3rd Cross Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ramana Nagar 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramana Nagar 6th Street?

The Sub Registrar Office that covers Ramana Nagar 6th 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.

To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the property registration process 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 property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it influences the amount of stamp duty and registration fees payable. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramana Nagar 6th Street?

The current guideline value of Ramana Nagar 6th 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, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification of Ramana Nagar 6th Street?

Ramana Nagar 6th Street is classified as Residential Class II Type - I.

Where can I find the Selaiyur Sub Registrar Office?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at a rate of 7% on the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the guideline value.