Guideline Value for Rukmani Lane

Rukmani Lane guideline value

The current guideline value of Rukmani Lane, located in Ramapuram village, is Rs 3,100 per sq.ft. This value is set by the Chennai South Joint II SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Rukmani Lane has changed

Over the years, the guideline value of Rukmani Lane has seen several revisions. The 2012 revision set the value at Rs 2,800 per sq.ft, which was a decrease of 33% from the previous figure of Rs 1,876 per sq.ft in 2017. The 2023 revision then increased the value to Rs 2,800 per sq.ft, and the most recent revision in 2024 raised it to Rs 3,100 per sq.ft, marking an increase of 11% from the 2023 figure.

In summary, the guideline value has changed from Rs 1,876 per sq.ft in 2017 to Rs 3,100 per sq.ft in 2024, which reflects an overall increase of 11% since 2012. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which is equal to the guideline value of Rukmani Lane.

• Rukmani Nagar: Rs 3,100 per sq.ft (2024)
• Rukmani Street: Rs 3,100 per sq.ft (2024)
• Royala Nagar Other Cross Streets: Rs 4,400 per sq.ft (2024)
• Royala Nagar Lane: Rs 4,400 per sq.ft (2024)
• Royala Nagar Annexe: Rs 4,400 per sq.ft (2024)
• Royala Nagar 3rd Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rukmani Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, making the total cost for these charges Rs 2,79,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rukmani Lane?

The Sub Registrar Office that covers Rukmani Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Ramapuram. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rukmani Lane?

The current guideline value of Rukmani Lane is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,876 per sq.ft in 2017 to Rs 3,100 per sq.ft in 2024, with significant increases noted in the revisions of 2023 and 2024.

What is the land classification for Rukmani Lane?

Rukmani Lane falls under the Residential Class II Type - I land classification, which is designated for residential purposes.

What are the stamp duty and registration fees for a property in Rukmani Lane?

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000, and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which Sub Registrar Office handles registrations for Rukmani Lane?

The Chennai South Joint II Sub Registrar Office is responsible for handling registrations for Rukmani Lane, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.