Guideline Value for Ramanibai Colony Cross Street

Ramanibai Colony Cross Street guideline value

The current guideline value of Ramanibai Colony Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village, under the Sembiam SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Ramanibai Colony Cross Street has changed

Over the years, the guideline value of Ramanibai Colony Cross Street has experienced several revisions. The earliest recorded figure is from 2007, where the value was Rs 700 per sq.ft. This increased significantly to Rs 2,200 per sq.ft in 2012, marking a rise of 214%. However, the value then dropped to Rs 1,474 per sq.ft in 2017, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 2,200 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 2,400 per sq.ft, reflecting a 9% increase.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 figure to the 2024 figure, there has been a significant increase of 243%. It is important to note that the register has no figures for Ramanibai Colony Cross Street for the years 2002 and 2003.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, indicating that the guideline value for Ramanibai Colony Cross Street is below this median.

• Ramanibhai Colony Road: Rs 2,700 per sq.ft (2024)
• Ramanibhai Nagar: Rs 2,700 per sq.ft (2024)
• Ramamurthy Colony Main Road: Rs 3,301 per sq.ft (2024)
• Ramamurthy Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ramanibai Colony Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000. Therefore, the total cost for these fees would be Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramanibai Colony Cross Street?

The Ramanibai Colony Cross Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Peravallur. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory when buying or selling property. Buyers and sellers must ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramanibai Colony Cross Street?

The current guideline value of Ramanibai Colony Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 243% over the years.

What is the land classification for Ramanibai Colony Cross Street?

Ramanibai Colony Cross Street is classified as Residential Class I Type - II.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Ramanibai Colony Cross Street?

Stamp duty is calculated at 7% of the higher value between the guideline value and the sale price. Additionally, a registration fee of 2% is applied to the same value.