Guideline Value for Ramanaicken Street

Ramanaicken Street guideline value

The current guideline value of Ramanaicken Street in Nungambakkam village is Rs 8,800 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Special Type - II.

How the guideline value of Ramanaicken Street has changed

Over the years, the guideline value for Ramanaicken Street has seen several revisions. The 2007 revision set the value at Rs 2,800 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012. However, there was a decrease to Rs 5,360 per sq.ft in 2017. Following this, the value rose to Rs 8,000 per sq.ft in 2023, and further increased to the current figure of Rs 8,800 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2012 to 2017 was a decrease of 33%. The rise from 2007 to 2012 was substantial at 186%. Overall, from 2007 to 2024, the guideline value has increased by 214%.

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 value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value for Ramanaicken Street.

• Ramanaicken Lane (Ramalane): Rs 7,100 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Ramanaicken Street?

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

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

The guideline value plays a crucial role during property registration in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these costs are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Ramanaicken Street?

The current guideline value of Ramanaicken Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,800 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 214% over the years.

What is the land classification for Ramanaicken Street?

Ramanaicken Street is classified as Residential Special Type - II under the Chennai Central Joint II SRO.

Where can I find the Sub Registrar Office for Ramanaicken Street?

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

How is stamp duty calculated for properties in Ramanaicken Street?

Stamp duty is calculated based on the higher of the guideline value or the actual sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.