Guideline Value for Ramu Pillai Street

Ramu Pillai Street guideline value

The current guideline value of Ramu Pillai Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Ramu Pillai Street has changed

The guideline value for Ramu Pillai Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 800 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a rise of 775%. However, from 2012 to 2017, the value decreased to Rs 4,690 per sq.ft, a decline of 33%. The value then rose again to Rs 7,000 per sq.ft in 2023, reflecting a 49% increase. Finally, the current revision in 2024 sets the value at Rs 7,700 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no recorded figures for Ramu Pillai Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by a total of 863%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, placing Ramu Pillai Street's 2024 value above this median.

• Ramasamy street: Rs 4,800 per sq.ft (2024)
• Ritherdon Avenue: Rs 8,800 per sq.ft (2024)
• Ritherdon Road: Rs 8,800 per sq.ft (2024)
• Rama naicken street: Rs 4,800 per sq.ft (2024)
• Rottikindagu Thiruvengada MudaliStreet: Rs 7,700 per sq.ft (2024)
• Sait Bakwath Paith Varmal Sowcar Street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ramu Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value is Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Ramu Pillai Street?

The Sub Registrar Office that covers Ramu Pillai Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a critical factor when registering a property in Vepery. It serves as a benchmark for calculating the stamp duty and registration fees that buyers must pay during the transaction process. The guideline value ensures that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in determining the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Ramu Pillai Street?

The current guideline value of Ramu Pillai Street is Rs 7,700 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 7,700 per sq.ft in 2024, reflecting an overall increase of 863% over this period.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Ramu Pillai Street?

The Periamet Sub Registrar Office handles registrations for Ramu Pillai Street, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification for Ramu Pillai Street?

Ramu Pillai Street is classified as Commercial Class I Type - II, which indicates its use for commercial purposes.