Guideline Value for Ramesh Nagar

Ramesh Nagar guideline value

The current guideline value of Ramesh Nagar, located in Valasaravakkam village under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramesh Nagar has changed

The guideline value for Ramesh Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 365 per sq.ft. This increased to Rs 397 per sq.ft in 2003, then rose significantly to Rs 1,041 per sq.ft in 2007. The value experienced a substantial jump to Rs 3,500 per sq.ft in 2012, but then fell to Rs 2,345 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 3,500 per sq.ft, and the latest revision in 2024 set it at Rs 3,850 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. Following that, from 2023 to 2024, there was a 10% increase. Notably, the overall increase from 2002 to 2024 is a remarkable 955%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which is the same as the guideline value for Ramesh Nagar.

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

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, and 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 or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramesh Nagar?

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

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

The guideline value is a crucial factor in property transactions in Valasaravakkam. It serves as a benchmark for determining 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. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramesh Nagar?

The current guideline value of Ramesh Nagar 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 significantly from Rs 365 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 955% over this period.

What are the stamp duty and registration fees for a property in Ramesh Nagar?

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 office handles property registrations in Ramesh Nagar?

The Virugambakkam Sub Registrar Office handles property registrations for Ramesh Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Ramesh Nagar?

The land classification for Ramesh Nagar is Residential Class II Type - I, indicating its designated use for residential purposes.