Guideline Value for Ramani Nagar, Lakshmipuram (Ward-26)

Ramani Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Ramani Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I, governed by the Madhavaram SRO.

How the guideline value of Ramani Nagar, Lakshmipuram (Ward-26) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year. Overall, from 2012 to 2024, there has been an 8% increase in the guideline value.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street. The consistent values in the 2012 and 2023 revisions indicate stability in the guideline value during that period.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing the 2024 figure for Ramani Nagar, Lakshmipuram (Ward-26) below that median.

• Ramani Nagar ( Ward No.25 ): Rs 1,300 per sq.ft (2024)
• Ramani Nagar: Rs 2,500 per sq.ft (2024)
• Raman Nagar: Rs 2,200 per sq.ft (2024)
• Raman Nagar, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Ramana Nagar / Extension: Rs 2,200 per sq.ft (2024)
• Ramana Avenue (Ward-08): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ramani Nagar, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is crucial to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramani Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Ramani Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a significant role during property transactions in Madhavaram. It is used as a benchmark for determining the stamp duty and registration fees that must be paid when a property is registered.

When buying or selling property, the guideline value is referenced to ensure that the transaction is in compliance with local regulations. This helps to maintain transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Ramani Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Ramani Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen an increase of 8%, moving from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024. There was no change in the value between 2012 and 2023.

Which Sub Registrar Office handles registrations for Ramani Nagar, Lakshmipuram (Ward-26)?

The Madhavaram Sub Registrar Office handles registrations for Ramani Nagar, Lakshmipuram (Ward-26). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the stamp duty and registration fees for property in Ramani Nagar?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

What is the land classification for Ramani Nagar, Lakshmipuram (Ward-26)?

Ramani Nagar, Lakshmipuram (Ward-26) is classified as Residential Class III Type - I. This classification is important for understanding the zoning and permissible uses of the property.