Guideline Value for Ramasamy Bandhu Lane

Ramasamy Bandhu Lane guideline value

The current guideline value of Ramasamy Bandhu Lane is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramasamy Bandhu Lane has changed

The guideline value for Ramasamy Bandhu Lane has seen several revisions over the years. In 2002, the value was Rs 270 per sq.ft, which increased to Rs 338 per sq.ft in 2003, marking a rise of 25%. The value then saw a significant jump to Rs 1,100 per sq.ft in 2007, an increase of 225%. Following this, the value decreased to Rs 3,500 per sq.ft in 2012, which was a decline of 33%. In 2017, the value rose to Rs 2,345 per sq.ft, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, which then increased by 10% to the current value of Rs 3,850 per sq.ft in 2024.

There are no figures available for the revisions in the years not mentioned in the register for Ramasamy Bandhu Lane.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is the same as the current value for Ramasamy Bandhu Lane.

• Ramar Koil Street: Rs 3,300 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 Ramasamy Bandhu Lane

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, making the total cost for these charges Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Ramasamy Bandhu Lane?

The Sub Registrar Office that covers Ramasamy Bandhu Lane 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. 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 when buying or selling property in Parangimalai. It serves as a benchmark for the minimum value at which a property can be registered. This value is determined by the government and is subject to periodic revisions based on market conditions and other factors.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramasamy Bandhu Lane?

The current guideline value of Ramasamy Bandhu Lane 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 270 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1326% over the years.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Ramasamy Bandhu Lane located?

The Sub Registrar Office for Ramasamy Bandhu Lane 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 as a benchmark for registration and is the basis for calculating stamp duty and registration fees during property transactions.