Guideline Value for Ramanan Street

Ramanan Street guideline value

The current guideline value of Ramanan Street, located in Muthiyalpet village under the Sowcarpet SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - II land classification.

How the guideline value of Ramanan Street has changed

The guideline value for Ramanan Street has undergone several revisions over the years. In 2003, it was Rs 1,387 per sq.ft, which increased to Rs 1,700 per sq.ft in 2007. Following that, the value saw a significant rise to Rs 5,000 per sq.ft in 2012, but it decreased to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, and finally to the current rate of Rs 5,500 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 297%. Notably, there is no figure available for the year 2002 in the register for Ramanan Street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Ramanan Street's 2024 figure above this median.

• Ramanujam Aiyer Street: Rs 3,800 per sq.ft (2024)
• Ramalinga Mudali Street: Rs 4,400 per sq.ft (2024)
• Ramakrishna Street: Rs 5,500 per sq.ft (2024)
• Ramaiyer Street: Rs 3,800 per sq.ft (2024)
• Ramaiahpillai Garden Street: Rs 4,400 per sq.ft (2024)
• Ramachandra Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ramanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost for these fees Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ramanan Street?

The Sub Registrar Office that covers Ramanan Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

When buying or selling property in Muthiyalpet, the guideline value plays a crucial role in determining the stamp duty and registration fees. This value is set by the government and is used to assess the tax obligations associated with property transactions.

It is essential for both buyers and sellers to be aware of the current guideline value, as it directly influences the overall cost of property transactions. Ensuring that the property is registered at the correct guideline value helps in avoiding any legal complications in the future.

Frequently asked questions

What is the current guideline value of Ramanan Street?

The current guideline value of Ramanan Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,387 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, with several revisions in between, including a drop in 2017 and a rise in 2024.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, with Ramanan Street's current value above this median.

What fees are associated with buying property on Ramanan Street?

When buying property on Ramanan Street, the stamp duty is 7% and the registration fee is 2% of the guideline value, which can add a significant amount to the overall cost.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Sowcarpet Sub Registrar Office located at No.11, Davidson Street, Sowcarpet, Chennai-01, or by using the provided link to find your SRO.