Guideline Value for Ramanujam Pillai Street

Ramanujam Pillai Street guideline value

The current guideline value of Ramanujam Pillai Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramanujam Pillai Street has changed

Since the 2002 revision, the guideline value for Ramanujam Pillai Street has seen significant changes. In 2002, the value was Rs 81 per sq.ft, which increased to Rs 89 per sq.ft in 2003. The value then rose dramatically to Rs 250 per sq.ft in 2007, followed by a substantial increase to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The 2023 revision saw an increase to Rs 3,000 per sq.ft, and the current value as of 2024 is Rs 3,300 per sq.ft.

Overall, the guideline value has increased by 3974% from 2002 to 2024. The most notable changes include a 1100% rise from 2007 to 2012 and a 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase.

Guideline values in Nesapakkam

In Nesapakkam, there are 148 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is the same as the current guideline value for Ramanujam Pillai Street.

• Ramapuram Road: Rs 4,400 per sq.ft (2024)
• Ramapuram Road - Kamarajar Salai: Rs 4,400 per sq.ft (2024)
• Rajiv Gandhi Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - South Ganesan Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Seikzhkar Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Sakthi Vinayagar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ramanujam Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 more details.

Which Sub Registrar Office covers Ramanujam Pillai Street?

The Sub Registrar Office covering Ramanujam Pillai Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Nesapakkam. It serves as a basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales. Buyers and sellers must be aware of the guideline value to understand their financial obligations during the registration process.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures that properties are not sold below a certain value, maintaining a standard for property transactions within the area.

Frequently asked questions

What is the current guideline value of Ramanujam Pillai Street?

The current guideline value of Ramanujam Pillai Street is Rs 3,300 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 81 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 3974% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Ramanujam Pillai Street?

The Virugambakkam Sub Registrar Office handles property registrations for Ramanujam Pillai Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, ensuring that properties are registered at a minimum value and that the government receives appropriate revenue from sales.