Guideline Value for Ramya Nagar Extension

Ramya Nagar Extension guideline value

The current guideline value of Ramya Nagar Extension, located in Madanandapuram village under the Kunrathur SRO, is Rs 3,960 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Ramya Nagar Extension has changed

Over the years, the guideline value of Ramya Nagar Extension has seen several revisions. The earliest recorded figure is from 2007, when the guideline value was Rs 1,200 per sq.ft. This increased significantly to Rs 3,600 per sq.ft in 2012, marking a 200% rise. However, it then decreased to Rs 2,412 per sq.ft in 2017, representing a 33% decline. The value rose again to Rs 3,600 per sq.ft in 2023, and most recently, it increased to Rs 3,960 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for the years 2002 and 2003 for this street.

From the 2017 revision to 2023, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 230%, showcasing significant changes over the years.

Guideline values in Madanandapuram

In Madanandapuram, there are 94 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 5,830 per sq.ft, with a median value of Rs 3,520 per sq.ft. The guideline value of Ramya Nagar Extension is above this median.

• Ramya Nagar Extension II: Rs 3,960 per sq.ft (2024)
• Ramya Nagar: Rs 3,960 per sq.ft (2024)
• Ranjini Nagar: Rs 3,190 per sq.ft (2024)
• Ramji Nagar: Rs 3,190 per sq.ft (2024)
• Ramakrishna Nagar: Rs 3,190 per sq.ft (2024)
• Ramachandra Nagar: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Ramya Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,960 per sq.ft, the total guideline value amounts to Rs 39,60,000. The stamp duty, charged at 7%, would be Rs 2,77,200, while the registration fee at 2% would be Rs 79,200, bringing the total cost for these fees to Rs 3,56,400. 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 Ramya Nagar Extension?

The Kunrathur Sub Registrar Office covers Ramya Nagar Extension, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

When buying or selling property in Madanandapuram, the guideline value plays a crucial role in determining the registration fees and stamp duty. These costs are calculated based on the guideline value, which is set by the government and reflects the prevailing market conditions in the area.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during the registration process. This value helps in establishing a fair transaction price and aids in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Ramya Nagar Extension?

The current guideline value of Ramya Nagar Extension is Rs 3,960 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 1,200 per sq.ft in 2007 to Rs 3,960 per sq.ft in 2024, reflecting an overall increase of 230% over this period.

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

For a property valued at Rs 39,60,000, the stamp duty would be Rs 2,77,200 and the registration fee would be Rs 79,200, totaling Rs 3,56,400.

Which office handles property registrations in this area?

The Kunrathur Sub Registrar Office handles property registrations for Ramya Nagar Extension, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification for Ramya Nagar Extension?

Ramya Nagar Extension is classified as Residential Special Type - I, which defines the type of development and usage permitted in the area.