Guideline Value for Ramanibhai Nagar

Ramanibhai Nagar guideline value

The current guideline value of Ramanibhai Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Peravallur village under the Sembiam SRO and is classified as Residential Class I Type - I.

How the guideline value of Ramanibhai Nagar has changed

The guideline value for Ramanibhai Nagar has undergone several revisions over the years. In 2002, the value was Rs 360 per sq.ft, which increased to Rs 392 per sq.ft in 2003. The next significant jump occurred in 2007, when the value rose to Rs 700 per sq.ft, followed by a substantial increase to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,700 per sq.ft.

Between the revisions, notable changes include an increase of 8% from 2023 to 2024, a 49% rise from 2017 to 2023, a decrease of 33% from 2012 to 2017, a remarkable increase of 257% from 2007 to 2012, and a 79% rise from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 650%.

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 the area is Rs 3,301 per sq.ft, indicating that the guideline value for Ramanibhai Nagar is below this median.

• Ramanibhai Colony Road: Rs 2,700 per sq.ft (2024)
• Ramanibai Colony Cross Street: Rs 2,400 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 Ramanibhai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ramanibhai Nagar?

The Sub Registrar Office that covers Ramanibhai Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration of property transactions in Peravallur. It serves as a basis for calculating the stamp duty and registration fees that buyers need to pay during the registration process.

When purchasing or selling property, the guideline value ensures that the transaction is recorded at an official value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Ramanibhai Nagar?

The current guideline value of Ramanibhai Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, starting from Rs 360 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 650%.

What is the land classification for Ramanibhai Nagar?

Ramanibhai Nagar is classified as Residential Class I Type - I, indicating its designation for residential use.

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 Ramanibhai Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.