Guideline Value for Ramar Street 3rd Cross Street

Ramar Street 3rd Cross Street guideline value

The current guideline value of Ramar Street 3rd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Ramar Street 3rd Cross Street has changed

The guideline value for Ramar Street 3rd Cross Street has undergone several revisions over the years. In 2012, the value was set at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. This marked a significant drop of 33%. However, from 2017 to 2023, the value increased by 49%, reaching Rs 3,500 per sq.ft. The most recent revision in 2024 saw the guideline value rise to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the current value of Ramar Street 3rd Cross Street.

• Ramar Street 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ramar Street 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Ramar Street 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ramar Street 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Ramar Street: Rs 3,850 per sq.ft (2024)
• Ramar Street 6th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ramar Street 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Therefore, the total cost for stamp duty and registration fees together would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Ramar Street 3rd Cross Street?

The Ramar Street 3rd Cross Street falls under the jurisdiction of 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 Valasaravakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value may differ from the actual sale price, and the duty is charged on the higher amount.

Understanding the guideline value helps ensure that all legal requirements are met during the transaction process. It also provides transparency in property dealings, ensuring that both buyers and sellers are aware of the costs involved.

Frequently asked questions

What is the current guideline value of Ramar Street 3rd Cross Street?

The current guideline value of Ramar Street 3rd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen a decrease in 2017, followed by an increase in 2023 and 2024. The value was Rs 3,500 in 2012, dropped to Rs 2,345 in 2017, then rose to Rs 3,500 in 2023, and finally reached Rs 3,850 in 2024.

What is the land classification for Ramar Street 3rd Cross Street?

Ramar Street 3rd Cross Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

What other streets have the same guideline value?

Other streets in Valasaravakkam that share the same guideline value of Rs 3,850 per sq.ft include Ramar Street 1st, 2nd, 4th, 5th, and 6th Cross Streets, as well as Ramar Street itself.

Where can I find the Sub Registrar Office for Ramar Street 3rd Cross Street?

The Virugambakkam Sub Registrar Office, which covers Ramar Street 3rd Cross Street, is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.