Guideline Value for Ramar Street (Sri Ram Street)

Ramar Street (Sri Ram Street) guideline value

The current guideline value of Ramar Street (Sri Ram Street) is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ramar Street (Sri Ram Street) has changed

The guideline value for Ramar Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,101 per sq.ft, which increased to Rs 1,203 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 1,350 per sq.ft in 2007, reflecting a 12% increase. Following this, the 2012 revision set the value at Rs 4,500 per sq.ft, a significant increase of 233% from the previous figure. However, in 2017, the value dropped to Rs 3,015 per sq.ft, showing a decrease of 33%.

In 2023, the guideline value was revised to Rs 4,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 4,950 per sq.ft, which is a 10% increase. Overall, from 2002 to 2024, Ramar Street's guideline value has increased by 350%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Ramar Street's 2024 figure above this median.

• Ramasamy Nagar: Rs 4,400 per sq.ft (2024)
• Ramasamy Nagar - Kushaldas Road: Rs 4,400 per sq.ft (2024)
• Ramasamy Nagar - Navaneethamal Road: Rs 4,400 per sq.ft (2024)
• Ramalakshmanan Street: Rs 3,850 per sq.ft (2024)
• Ramakrishna Street: Rs 3,850 per sq.ft (2024)
• Rathnammal Colony: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ramar Street (Sri Ram Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total fees to Rs 4,45,500. 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 information on calculating these fees.

Which Sub Registrar Office covers Ramar Street (Sri Ram Street)?

The Sub Registrar Office that covers Ramar 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 details.

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

The guideline value plays a crucial role in property transactions in Saligramam. It is used to determine the minimum value at which a property can be registered. When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures compliance with legal requirements during the registration process. This value helps in establishing a transparent basis for property transactions.

Frequently asked questions

What is the current guideline value of Ramar Street?

The current guideline value of Ramar Street (Sri Ram Street) is Rs 4,950 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 1,101 in 2002 to Rs 4,950 in 2024, reflecting an overall increase of 350% over the years.

What is the land classification for Ramar Street?

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

What are the stamp duty and registration fees for a property in Ramar Street?

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Where is the Sub Registrar Office for Ramar Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.