Guideline Value for Ramesh Nagar 1st Street

Ramesh Nagar 1st Street guideline value

The current guideline value of Ramesh Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Ramesh Nagar 1st Street has changed

Looking at the historical revisions, the guideline value for Ramesh Nagar 1st Street has seen several changes over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the guideline value rose significantly to Rs 3,500 per sq.ft in 2023, and then further increased to Rs 3,850 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the current value of Ramesh Nagar 1st Street.

• Ramesh Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Ramaswamy Street: Rs 3,850 per sq.ft (2024)
• Ramar Street 6th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ramesh Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramesh Nagar 1st Street?

The Sub Registrar Office that covers Ramesh Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, thereby influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Ramesh Nagar 1st Street?

The current guideline value of Ramesh Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Ramesh Nagar 1st Street?

Ramesh Nagar 1st Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in Ramesh Nagar 1st Street?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total stamp duty and registration fees would be Rs 3,46,500.

Which Sub Registrar Office covers Ramesh Nagar 1st Street?

The Virugambakkam Sub Registrar Office covers Ramesh Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.