Guideline Value for Ranganathan Street

Ranganathan Street guideline value

The current guideline value of Ranganathan Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ranganathan Street has changed

Over the years, the guideline value of Ranganathan Street has seen several revisions. The 2007 revision set the value at Rs 3,290 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in the 2012 revision. However, this value dropped to Rs 4,690 per sq.ft in the 2017 revision, before rising again to Rs 7,000 per sq.ft in 2023. The most recent revision in 2024 has raised the guideline value to Rs 7,700 per sq.ft, marking a 10% increase from the previous year.

In total, the guideline value has increased by 134% from 2007 to 2024. The changes between the revisions highlight a 49% increase from 2017 to 2023 and a 113% increase from 2007 to 2012. It is important to note that the register has no figures for Ranganathan Street for the years 2002 and 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Ranganathan Street's 2024 figure below this median.

• Rangoon Street (Slum Area): Rs 6,600 per sq.ft (2024)
• Ramasamy Street: Rs 7,700 per sq.ft (2024)
• Ramanujam Street: Rs 7,700 per sq.ft (2024)
• Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Lane (Ramalane): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Ranganathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to 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 charges to Rs 6,93,000. Please 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 details on fees applicable to your property transaction.

Which Sub Registrar Office covers Ranganathan Street?

The Sub Registrar Office that covers Ranganathan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Nungambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

At the time of registration, the guideline value ensures that the property is assessed fairly for taxation purposes. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ranganathan Street?

The current guideline value of Ranganathan 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 experienced several revisions, increasing from Rs 3,290 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking a total increase of 134% over this period.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, which means Ranganathan Street's value is below this median.

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

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 property registrations for Ranganathan Street?

The Chennai Central Joint II Sub Registrar Office handles property registrations for Ranganathan Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.