Guideline Value for Ramasamy Nagar

Ramasamy Nagar guideline value

The current guideline value of Ramasamy Nagar, located in Saligramam village under the Virugambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramasamy Nagar has changed

The guideline value of Ramasamy Nagar has seen several revisions over the years. In 2002, the value was Rs 413 per sq.ft, which increased to Rs 900 per sq.ft in 2003, marking a significant rise of 118%. The value continued to increase, reaching Rs 1,100 per sq.ft in 2007, which was a 22% increase from the previous year. By 2012, the value had jumped to Rs 4,000 per sq.ft, reflecting a remarkable increase of 264% from 2007. However, it then decreased to Rs 2,680 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value was revised to Rs 4,000 per sq.ft, and the most recent revision in 2024 set it at Rs 4,400 per sq.ft, resulting in a 10% increase. Overall, from 2002 to 2024, the guideline value has risen by 965%.

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, which is equal to the current value for Ramasamy Nagar.

• Ramasamy Nagar - Kushaldas Road: Rs 4,400 per sq.ft (2024)
• Ramasamy Nagar - Navaneethamal Road: Rs 4,400 per sq.ft (2024)
• Ramar Street (Sri Ram Street): Rs 4,950 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 Ramasamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the 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 Ramasamy Nagar?

The Sub Registrar Office that covers Ramasamy Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Saligramam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value as it can significantly impact the overall costs involved in the transaction. Buyers and sellers should ensure that they are informed about the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramasamy Nagar?

The current guideline value of Ramasamy Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 413 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 965% over the years.

What is the land classification for Ramasamy Nagar?

The land classification for Ramasamy Nagar is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Ramasamy Nagar?

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

How is stamp duty calculated for property in Ramasamy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000 at a rate of 7%.