Guideline Value for Ramulu Nagar

Ramulu Nagar guideline value

The current guideline value of Ramulu Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Ramulu Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This figure increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The current 2024 revision has further increased the guideline value to Rs 1,650 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Ramulu Nagar is below this median.

• Ramurthi Nagar (Dr), Swaminathan Street: Rs 2,750 per sq.ft (2024)
• Ramurthy Nagar, Vignesh Avenue: Rs 2,750 per sq.ft (2024)
• Ram Nagar, Vasudeva Nagar: Rs 3,850 per sq.ft (2024)
• Ram Nagar, Srinivasan Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Sreenivasan Salai (Main Road) Extn: Rs 3,850 per sq.ft (2024)
• Ram Nagar Sreenivasan Salai (Main Road) 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ramulu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramulu Nagar?

The Sub Registrar Office that covers Ramulu Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor when registering property transactions in Madipakkam-1. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps to determine the official value of the property, which can influence negotiations and agreements between buyers and sellers. It is essential for both parties to be aware of the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Ramulu Nagar?

The current guideline value of Ramulu Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, and now to Rs 1,650 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the land classification for Ramulu Nagar?

Ramulu Nagar is classified as Residential Class II Type - II, indicating its designation for residential use.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Ramulu Nagar located?

The Velacheri Sub Registrar Office, which covers Ramulu Nagar, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.