Guideline Value for Ramasamy Street

Ramasamy Street guideline value

The current guideline value of Ramasamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramasamy Street has changed

The guideline value for Ramasamy Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,650 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, the value decreased by 33% to Rs 3,350 per sq.ft in the 2017 revision. Following that, the 2023 revision raised it to Rs 5,000 per sq.ft, and the current 2024 revision marks a further increase to Rs 5,500 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 233%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for Ramasamy Street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, making Ramasamy Street's current value of Rs 5,500 per sq.ft below the median.

• Ramasamy Maistry Street: Rs 7,700 per sq.ft (2024)
• Ramasamy Garden Street: Rs 7,700 per sq.ft (2024)
• Ranganathan Street: Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 1st Lane (Street): Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 2nd Lane (Street): Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 3rd Lane (Street): 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 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total costs together to Rs 4,95,000. It is important to note that the 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 Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects the official value set by the government.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the official rates established for the area.

Frequently asked questions

What is the current guideline value of Ramasamy Street?

The current guideline value of Ramasamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,650 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking a total increase of 233% over the years.

What is the land classification for Ramasamy Street?

Ramasamy Street is classified as Residential Class II Type - I, indicating its designation for residential use.

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

The Sub Registrar Office for Ramasamy Street is located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for property in Ramasamy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.