Guideline Value for Ramasamy street

Ramasamy street guideline value

The current guideline value of Ramasamy street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet Sub Registrar Office (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. In the 2007 revision, the value was set at Rs 800 per sq.ft. This figure increased significantly to Rs 4,500 per sq.ft in the 2012 revision, marking a notable rise of 463%. However, the value then dropped to Rs 3,015 per sq.ft in the 2017 revision, which was a decrease of 33%. The 2023 revision saw an increase to Rs 4,500 per sq.ft, followed by a further rise to Rs 4,800 per sq.ft in the 2024 revision, reflecting a 7% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 500%. The changes between the revisions highlight the fluctuations in the guideline value, with the most significant rise occurring between 2007 and 2012, and a steady increase in recent years.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is the same as the current guideline value for Ramasamy street.

• Rama naicken street: Rs 4,800 per sq.ft (2024)
• Ramu Pillai Street: Rs 7,700 per sq.ft (2024)
• Ritherdon Avenue: Rs 8,800 per sq.ft (2024)
• Ritherdon Road: Rs 8,800 per sq.ft (2024)
• RajaThottam 3rd street: Rs 2,700 per sq.ft (2024)
• RajaThottam 2nd street: Rs 2,700 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 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty, charged at 7%, would amount to Rs 3,36,000, while the registration fee at 2% would be Rs 96,000. In total, the fees would come to Rs 4,32,000. It is important to note that duty is charged on the higher of the guideline value or 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 Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of a property. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements during the registration process.

When a property is sold, the guideline value helps in assessing the official value of the property, which is used by the authorities to calculate the applicable fees. It is essential for both parties involved in the transaction to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramasamy street?

The current guideline value of Ramasamy street is Rs 4,800 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 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 500% over the years.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Rama naicken street at Rs 4,800 per sq.ft, Ramu Pillai Street at Rs 7,700 per sq.ft, Ritherdon Avenue and Ritherdon Road at Rs 8,800 per sq.ft, and RajaThottam 2nd and 3rd streets at Rs 2,700 per sq.ft.

What is the registration fee for property in Ramasamy street?

The registration fee for property in Ramasamy street is calculated based on the guideline value. For a property valued at Rs 48,00,000, the registration fee would be Rs 96,000 at a rate of 2%.

Where is the Sub Registrar Office for Ramasamy street located?

The Sub Registrar Office for Ramasamy street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.