Guideline Value for Ramana Nagar

Ramana Nagar guideline value

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

How the guideline value of Ramana Nagar has changed

The guideline value for Ramana Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the 2024 revision saw a significant increase, bringing the value back up to Rs 1,600 per sq.ft, reflecting a rise of 59% from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 7%. The register does not provide figures for the years 2002, 2003, 2007, and 2023 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. The median guideline value in this area is Rs 2,400 per sq.ft, indicating that Ramana Nagar's 2024 figure is below this median.

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

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?

The Ramana Nagar area falls under 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 is a crucial factor during the registration of property transactions in Madambakkam. It serves as the baseline value for determining the applicable stamp duty and registration fees when a property is bought or sold.

When registering a property, the guideline value helps ensure that the transaction is recorded at a price that reflects the area's current market conditions. This process aids in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Ramana Nagar?

The current guideline value of Ramana Nagar 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. This represents a decrease of 33% from 2012 to 2017, followed by a 59% increase from 2017 to 2024.

What are the guideline values for other streets in Madambakkam?

Other streets in Madambakkam under the Selaiyur SRO have a guideline value of Rs 1,600 per sq.ft for 2024. This includes Ramana Nagar 1st Street, 2nd Street, 3rd Street, 4th Street, 5th Street, and 6th Street.

What is the stamp duty rate in Ramana Nagar?

The stamp duty rate in Ramana Nagar is 7% of the guideline value or the sale price, whichever is higher. This is applicable during property registration.

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. You can also find more information online.