Guideline Value for Ravanan Nagar

Ravanan Nagar guideline value

The current guideline value for Ravanan Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Ravanan Nagar has changed

The guideline value for Ravanan Nagar has undergone several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register does not have 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, indicating that Ravanan Nagar's 2024 figure is below this median.

• Ravanan Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ravanan Nagar?

The Sub Registrar Office that covers Ravanan Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps establish the stamp duty and registration fees that need to be paid.

It is essential for buyers and sellers to be aware of the latest guideline values, as these can influence the overall cost of property transactions. Ensuring compliance with the guideline value is necessary for a smooth registration process.

Frequently asked questions

What is the current guideline value of Ravanan Nagar?

The current guideline value of Ravanan Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over these years.

What is the land classification of Ravanan Nagar?

Ravanan Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in Ravanan Nagar?

The Velacheri Sub Registrar Office handles property registrations for Ravanan Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.