Guideline Value for Ramanaicken Lane (Ramalane)

Ramanaicken Lane (Ramalane) guideline value

The current guideline value of Ramanaicken Lane (Ramalane) is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramanaicken Lane (Ramalane) has changed

The guideline value of Ramanaicken Lane has seen several revisions over the years. In 2007, the guideline value was Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, this figure dropped to Rs 4,355 per sq.ft in 2017. The 2023 revision set the value at Rs 6,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 7,100 per sq.ft, marking a 9% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2007 to 2012 represented a substantial increase of 225%, while the decrease from 2012 to 2017 was 33%. Overall, from 2007 to 2024, the guideline value has increased by 255%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, placing Ramanaicken Lane's 2024 figure below that median.

• Ramanaicken Street: Rs 8,800 per sq.ft (2024)
• Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Ramanujam Street: Rs 7,700 per sq.ft (2024)
• Ramasamy Street: Rs 7,700 per sq.ft (2024)
• Ranganathan Street: Rs 7,700 per sq.ft (2024)
• Rangoon Street (Slum Area): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramanaicken Lane (Ramalane)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramanaicken Lane (Ramalane)?

The Sub Registrar Office that covers Ramanaicken Lane is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling a property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. This ensures transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Ramanaicken Lane?

The current guideline value of Ramanaicken Lane (Ramalane) is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 255% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, with Ramanaicken Lane's current value being below this median.

What are the stamp duty and registration fees for properties in Ramanaicken Lane?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Ramanaicken Lane?

The Chennai Central Joint II Sub Registrar Office handles property registrations for Ramanaicken Lane, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.