Guideline Value for Ramar Koil Street

Ramar Koil Street guideline value

The current guideline value of Ramar Koil Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Ramar Koil Street has changed

The guideline value for Ramar Koil Street has seen several revisions over the years. The 2002 revision set the guideline value at Rs 350 per sq.ft. This increased to Rs 438 per sq.ft in 2003, marking a 25% rise. By 2007, the value jumped significantly to Rs 750 per sq.ft, reflecting a 71% increase. The 2012 revision brought the value back up to Rs 3,000 per sq.ft, a substantial 300% increase from 2007. However, it decreased to Rs 2,010 per sq.ft in 2017, which was a decline of 33%.

In 2023, the guideline value was Rs 3,000 per sq.ft, and it increased by 10% to Rs 3,300 per sq.ft in the 2024 revision. Overall, from 2002 to 2024, the guideline value has increased by 843%. There are no figures available for the revisions in years other than those listed.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for the village is Rs 3,850 per sq.ft, placing Ramar Koil Street's 2024 figure below this median.

• Ramasamy Bandhu Lane: Rs 3,850 per sq.ft (2024)
• Ramanathapuram Street: Rs 3,300 per sq.ft (2024)
• Ravi Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 4th Street: Rs 4,400 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 rate of Rs 3,300 per sq.ft, the guideline value totals Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, 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 Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramar Koil Street?

The current guideline value of Ramar Koil 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 from Rs 350 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 843% over the years.

What is the stamp duty rate for properties in Ramar Koil Street?

The stamp duty rate for properties in Ramar Koil Street is 7%, which is applied to the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Ramar Koil Street?

The Sub Registrar Office for Ramar Koil Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is compared with the sale price, and the higher amount is used for calculating the applicable fees.