Guideline Value for Ramasamy Street

Ramasamy Street guideline value

The current guideline value of Ramasamy Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ramasamy Street has changed

In the 2007 revision, the guideline value for Ramasamy Street was Rs 2,000 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in the 2012 revision, marking a 250% rise. However, in the 2017 revision, the value decreased to Rs 4,690 per sq.ft, reflecting a decline of 33%. The guideline value then rose to Rs 7,000 per sq.ft in the 2023 revision, and finally, it increased to Rs 7,700 per sq.ft in the 2024 revision, which is a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 285%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Ramasamy Street's 2024 figure below that median.

• Ramanujam Street: Rs 7,700 per sq.ft (2024)
• Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Lane (Ramalane): Rs 7,100 per sq.ft (2024)
• Ranganathan Street: Rs 7,700 per sq.ft (2024)
• Rangoon Street (Slum Area): Rs 6,600 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 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000. Together, the total cost for duty and registration would be Rs 6,93,000. 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 Ramasamy Street?

The Sub Registrar Office that covers Ramasamy Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two amounts. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ramasamy Street?

The current guideline value of Ramasamy Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 285%.

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

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office is responsible for Ramasamy Street?

The Chennai Central Joint II Sub Registrar Office is responsible for Ramasamy Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, with Ramasamy Street's 2024 figure being below this median.