Guideline Value for Ramar Street

Ramar Street guideline value

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

How the guideline value of Ramar Street has changed

The guideline value for Ramar Street has seen several revisions over the years. In the 2012 revision, the value was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision. The value then increased significantly to Rs 3,500 per sq.ft in the 2023 revision, before reaching the current figure of Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions are as follows: from 2017 to 2023, there was a 49% increase; however, from 2012 to 2017, there was a decrease of 33%. Notably, the register has no figures for Ramar Street in the years 2002, 2003, and 2007.

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 for Ramar Street.

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

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 at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Please note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramar 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 information.

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

The guideline value is crucial when it comes to property registration in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, thus influencing the overall transaction cost.

Frequently asked questions

What is the current guideline value of Ramar Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Ramar Street?

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

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

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,46,500.

Which office should I visit for property registration in Ramar Street?

The Virugambakkam Sub Registrar Office handles property registrations for Ramar Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.