Guideline Value for SETHU RAMA IYEAR STREET

Sethu Rama Iyear Street guideline value

The current guideline value of Sethu Rama Iyear Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Sethu Rama Iyear Street has changed

The guideline value for Sethu Rama Iyear Street has undergone several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, this was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then rose significantly to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision. The changes from 2017 to 2023 saw an increase of 49%, while the jump from 2023 to 2024 is 10%.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 150%.

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 guideline value in this area is Rs 3,100 per sq.ft, placing Sethu Rama Iyear Street's 2024 figure below that median.

• Seven Hills Street: Rs 2,750 per sq.ft (2024)
• Senvarayan Street: Rs 1,950 per sq.ft (2024)
• Shanmugam Street: Rs 2,750 per sq.ft (2024)
• Senthamizh Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Senthamizh Nagar Annex 2nd Street: Rs 3,100 per sq.ft (2024)
• Senthamil Nagar Annexe: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sethu Rama Iyear Street

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 fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sethu Rama Iyear Street?

The Sub Registrar Office that covers Sethu Rama Iyear Street 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 information.

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

The guideline value is a crucial factor when buying or selling property in Ramapuram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory for property transactions.

When engaging in a property transaction, it is essential to be aware of the guideline value to ensure compliance with legal requirements. The authorities use this value to assess the fair tax obligations associated with the sale or purchase of the property.

Frequently asked questions

What is the current guideline value of Sethu Rama Iyear Street?

The current guideline value of Sethu Rama Iyear Street 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 1,100 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 150% over the years.

What is the land classification for Sethu Rama Iyear Street?

Sethu Rama Iyear Street is classified as Residential Class II Type - II, indicating its use for residential purposes.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate incurs a total fee of Rs 2,47,500.

Where can I find the Sub Registrar Office for Sethu Rama Iyear Street?

The Sub Registrar Office for Sethu Rama Iyear Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.