Guideline Value for Ramasamy Street

Ramasamy Street guideline value

The current guideline value of Ramasamy Street is Rs 3,750 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Ramasamy Street has changed

Over the years, the guideline value of Ramasamy Street has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value increased significantly to Rs 3,500 per sq.ft in the 2023 revision, followed by a further rise to Rs 3,750 per sq.ft in the 2024 revision, which represents a 7% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that have a guideline value for 2024, ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value in this area is Rs 2,150 per sq.ft, which means Ramasamy Street's 2024 figure is above that median.

• Ranga Colony 1st Cross Street: Rs 1,900 per sq.ft (2024)
• Ranga Colony 1st Street: Rs 1,900 per sq.ft (2024)
• Ranga Colony 2nd Cross Street: Rs 1,900 per sq.ft (2024)
• Ranga Colony 2nd Street: Rs 1,900 per sq.ft (2024)
• Ranga Colony Main Road: Rs 1,900 per sq.ft (2024)
• Ramakrishna Avenue Rajeswari Nagar 3rd Cross Street: Rs 850 per sq.ft (2024)

Stamp duty and registration fee for property in Ramasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,750 per sq.ft, the total guideline value would be Rs 37,50,000. The stamp duty at 7% would amount to Rs 2,62,500, and the registration fee at 2% would be Rs 75,000, bringing the total to Rs 3,37,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramasamy Street?

The Sub Registrar Office that covers Ramasamy Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Rajakilpakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is officially recorded and taxed appropriately.

It is essential for buyers and sellers to be aware of the current guideline value, as it can influence the overall cost of the transaction. The guideline value also helps maintain transparency in property dealings, preventing undervaluation or overvaluation of properties.

Frequently asked questions

What is the current guideline value of Ramasamy Street?

The current guideline value of Ramasamy Street is Rs 3,750 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 2023 to Rs 3,750 per sq.ft in 2024, marking a 7% increase. It was Rs 2,345 per sq.ft in 2017, and Rs 3,500 per sq.ft in 2012, showing various fluctuations over the years.

What is the land classification for Ramasamy Street?

The land classification for Ramasamy Street is Commercial Class I Type - I, which indicates its suitability for commercial activities.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Ramasamy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 37,50,000, the stamp duty would be Rs 2,62,500 at a rate of 7%.