Guideline Value for Ramaswamy Street

Ramaswamy Street guideline value

The current guideline value of Ramaswamy Street is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village under the Pallavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Ramaswamy Street has changed

The guideline value for Ramaswamy Street has undergone several revisions over the years. In 2007, the value was set at Rs 400 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012, marking a 450% rise. However, it saw a decline to Rs 1,474 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 2,200 per sq.ft in 2023, and most recently, it increased by 10% to the current value of Rs 2,420 per sq.ft in 2024.

There are no figures available for Ramaswamy Street in the revisions for 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 505%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, placing Ramaswamy Street's 2024 figure above this median.

• Ramamoorthi Street: Rs 2,200 per sq.ft (2024)
• Ranganathan Street: Rs 2,160 per sq.ft (2024)
• Ravi Street: Rs 2,200 per sq.ft (2024)
• Rayapettai Lakepan Road: Rs 2,200 per sq.ft (2024)
• Rk Nagar: Rs 2,160 per sq.ft (2024)
• Rajarajeshwari Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaswamy Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, making the total Rs 2,17,800. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramaswamy Street?

The Sub Registrar Office that covers Ramaswamy Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Nemilicherry, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential costs in any property transaction. This ensures transparency and helps maintain a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Ramaswamy Street?

The current guideline value of Ramaswamy Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, representing a total increase of 505% over the years.

What is the land classification for Ramaswamy Street?

Ramaswamy Street is classified as Residential Class I Type - I.

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

The Sub Registrar Office for Ramaswamy Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Ramaswamy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 24,20,000, the stamp duty would be Rs 1,69,400 at the rate of 7%.