Guideline Value for Ramar Koil Street

Ramar Koil Street guideline value

The current guideline value of Ramar Koil Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Nandhambakkam village under the Alandur SRO, and it falls under the Residential Class I Type - II land classification.

How the guideline value of Ramar Koil Street has changed

The guideline value for Ramar Koil Street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. Following that, the value rose to Rs 4,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 5,000 per sq.ft. The register has no figures for the years 2002 and 2003.

In terms of percentage changes, the guideline value increased by 350% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The jump from 2023 to 2024 reflects an increase of 11%. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Nandhambakkam

Nandhambakkam village has a total of 76 streets under the Alandur SRO, with guideline values ranging from Rs 2,200 to Rs 8,300 per sq.ft as of 2024. The median guideline value in the village is Rs 3,900 per sq.ft, making Ramar Koil Street's 2024 guideline value above this median.

• Samy Colony: Rs 3,900 per sq.ft (2024)
• Poonthottam First Street: Rs 3,300 per sq.ft (2024)
• Poonthottam 4th Street: Rs 3,300 per sq.ft (2024)
• Poonthottam 3rd Street: Rs 3,300 per sq.ft (2024)
• Poonthottam 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Well 1st Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Ramar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Ramar Koil Street?

The Sub Registrar Office covering Ramar Koil Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nandhambakkam. It is used to determine the stamp duty and registration fees that are applicable during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements during the registration process.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable taxes. This ensures that the government receives the correct revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Ramar Koil Street?

The current guideline value of Ramar Koil Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What is the land classification for Ramar Koil Street?

Ramar Koil Street is classified under Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Ramar Koil Street?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.