Guideline Value for Ramanujam Street

Ramanujam Street guideline value

The current guideline value of Ramanujam Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. It is classified as Residential Class I Type - I land.

How the guideline value of Ramanujam Street has changed

Over the years, the guideline value of Ramanujam Street has seen significant changes. The earliest recorded revision was in 2007, with a guideline value of Rs 2,000 per sq.ft. This figure increased to Rs 7,000 per sq.ft in 2012, marking a substantial rise of 250%. However, from 2012 to 2017, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The value then rose again to Rs 7,000 per sq.ft in 2023, followed by the most recent increase to Rs 7,700 per sq.ft in 2024, which represents a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a total increase of 285%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam village, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Ramanujam Street's 2024 figure below that median.

• Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Lane (Ramalane): Rs 7,100 per sq.ft (2024)
• Ramasamy Street: Rs 7,700 per sq.ft (2024)
• Ranganathan Street: Rs 7,700 per sq.ft (2024)
• Rangoon Street (Slum Area): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramanujam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost for these fees to Rs 6,93,000. 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 more details.

Which Sub Registrar Office covers Ramanujam Street?

Ramanujam Street is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is crucial when buying or selling property in Nungambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

When a property is sold, the guideline value serves as a reference point to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Ramanujam Street?

The current guideline value of Ramanujam Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285% over the years.

What are the stamp duty and registration fees for properties on Ramanujam Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers Ramanujam Street?

Ramanujam Street is covered by the Chennai Central Joint II Sub Registrar Office located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Ramanujam Street?

Ramanujam Street is classified as Residential Class I Type - I land, indicating its suitability for residential purposes.