Guideline Value for Ramasamy Street

Ramasamy Street guideline value

The current guideline value of Ramasamy Street in Ramapuram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Ramasamy Street has changed

The guideline value for Ramasamy Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, but this was reduced to Rs 1,675 per sq.ft in 2017. The subsequent revision in 2023 increased the value to Rs 2,500 per sq.ft, and the latest revision in 2024 has raised it to Rs 2,750 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. Ramasamy Street's 2024 guideline value is below this median.

• Ramapuramgramam Main Road: Rs 2,750 per sq.ft (2024)
• Ramapuramgramam: Rs 2,750 per sq.ft (2024)
• Ramalingam Street: Rs 2,750 per sq.ft (2024)
• Rajiv Nagar: Rs 2,750 per sq.ft (2024)
• Ravi Colony Cross Street: Rs 2,750 per sq.ft (2024)
• Rajeswari Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Ramasamy Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 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 Ramapuram

The guideline value is a critical factor in property transactions in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately assess the costs involved in the transaction.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This process ensures that the government receives the correct revenue based on the property's assessed value, which is crucial for maintaining transparency and fairness in real estate transactions.

Frequently asked questions

What is the current guideline value of Ramasamy Street?

The current guideline value of Ramasamy Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Ramasamy Street?

Ramasamy Street is classified as Residential Class II Type - II.

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

The Sub Registrar Office for Ramasamy Street 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.

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 a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.