Guideline Value for Ramurthy Nagar, Vignesh Avenue

Ramurthy Nagar, Vignesh Avenue guideline value

The current guideline value of Ramurthy Nagar, Vignesh Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Ramurthy Nagar, Vignesh Avenue has changed

The guideline value for Ramurthy Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. This was followed by a significant increase to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Looking at the changes, the value increased by 49% from 2017 to 2023. Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current value for Ramurthy Nagar, Vignesh Avenue.

• Ramurthi Nagar (Dr), Swaminathan Street: Rs 2,750 per sq.ft (2024)
• Ramulu Nagar: Rs 1,650 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 Ramurthy Nagar, Vignesh Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. 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 detailed calculations.

Which Sub Registrar Office covers Ramurthy Nagar, Vignesh Avenue?

The Sub Registrar Office that covers Ramurthy Nagar, Vignesh Avenue 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 crucial factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid. Buyers should be aware that the duty is charged based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Ramurthy Nagar, Vignesh Avenue?

The current guideline value of Ramurthy Nagar, Vignesh Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Ramurthy Nagar?

Ramurthy Nagar is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,47,500.

Where is the Sub Registrar Office for Ramurthy Nagar located?

The Sub Registrar Office for Ramurthy Nagar is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.