Guideline Value for Ramasamy street

Ramasamy street guideline value

The current guideline value of Ramasamy street in Muthialpet village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - II.

How the guideline value of Ramasamy street has changed

The guideline value for Ramasamy street has seen several revisions over the years. In 2002, the guideline value was Rs 1,641 per sq.ft, which increased to Rs 1,865 per sq.ft in 2003, marking a change of +14%. The value continued to rise, reaching Rs 2,300 per sq.ft in 2007, a significant increase of +23%. The 2012 revision recorded a value of Rs 6,500 per sq.ft, reflecting a substantial increase of +183% from the previous revision.

From 2012, the guideline value remained at Rs 6,500 per sq.ft until the 2017 revision, where it decreased to Rs 4,355 per sq.ft, a change of -33%. The value then increased to Rs 6,500 per sq.ft in 2023, followed by the current value of Rs 7,100 per sq.ft in 2024, marking an increase of +9% from the previous year. Overall, from 2002 to 2024, the guideline value has increased by +333%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, positioning Ramasamy street's 2024 figure above this median.

• Rotlars lane: Rs 3,800 per sq.ft (2024)
• R.S.S. street+: Rs 11,000 per sq.ft (2024)
• Rajaji Salai [North Beach Road]: Rs 18,000 per sq.ft (2024)
• Saiva Muthiah mudali street: Rs 5,500 per sq.ft (2024)
• Saiva Muthiah mudali street 1to5 lane: Rs 4,900 per sq.ft (2024)
• Salai Vinayagar Koil 1st lane: Rs 5,200 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 7,100 per sq.ft, the guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. 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 North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Muthialpet, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

Additionally, the guideline value helps maintain transparency in property transactions. Buyers and sellers can refer to the guideline value to understand the baseline for property pricing in the area, aiding in fair negotiations during the sale process.

Frequently asked questions

What is the current guideline value of Ramasamy street?

The current guideline value of Ramasamy street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,641 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of +333%.

What is the classification of Ramasamy street?

Ramasamy street is classified as Residential Class I Type - II under the Chennai North Joint I SRO.

What are the stamp duty and registration fees for properties in Ramasamy street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000, and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Where is the Sub Registrar Office for Ramasamy street located?

The Sub Registrar Office for Ramasamy street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.