Guideline Value for Ramesh Nagar 3rd Street

Ramesh Nagar 3rd Street guideline value

The current guideline value of Ramesh Nagar 3rd 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 3rd Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 2,345 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 3,500 per sq.ft in the 2023 revision, and then further rose to Rs 3,850 per sq.ft in the 2024 revision, representing a 10% increase from the previous year. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, comparing the values from 2012 to 2024, there has been a 10% increase, bringing the current guideline value to match the median for the village.

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 guideline value of Ramesh Nagar 3rd Street.

• Ramesh Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Ramesh Nagar: 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. It is important to note that the 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 Ramesh Nagar 3rd Street?

The Ramesh Nagar 3rd Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical 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 the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to consider this value as it impacts the overall cost of the transaction, including the applicable fees.

Frequently asked questions

What is the current guideline value of Ramesh Nagar 3rd Street?

The current guideline value of Ramesh Nagar 3rd 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, and then increased to Rs 3,500 per sq.ft in 2023, finally reaching Rs 3,850 per sq.ft in 2024.

What is the land classification of Ramesh Nagar 3rd Street?

Ramesh Nagar 3rd Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers this area?

The Virugambakkam Sub Registrar Office covers Ramesh Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.