Guideline Value for SHRI RAM NAGAR / AVENUE

Shri Ram Nagar / Avenue guideline value

The current guideline value of Shri Ram Nagar / Avenue in Ramapuram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Shri Ram Nagar / Avenue has changed

The guideline value of Shri Ram Nagar / Avenue has seen several revisions over the years. In 2002, the guideline value was Rs 349 per sq.ft, which increased to Rs 432 per sq.ft in 2003, marking a change of +24%. The value continued to rise significantly, reaching Rs 1,100 per sq.ft in 2007, an increase of +155%. By 2012, the value was Rs 2,500 per sq.ft, reflecting a substantial increase of +127% from the previous revision. However, it then decreased to Rs 1,675 per sq.ft in 2017, a drop of -33%.

From 2017 to 2023, the guideline value rose sharply to Rs 2,500 per sq.ft, an increase of +49%. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a +10% increase from the previous year. There are no figures available for the revisions in years other than those mentioned.

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, with a median value of Rs 3,100 per sq.ft. The guideline value for Shri Ram Nagar / Avenue is below this median.

• Shri Ram Nagar 1 To 4th Street: Rs 2,750 per sq.ft (2024)
• Shri Ram Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Shri Thirupathi Nagar: Rs 2,750 per sq.ft (2024)
• Shri Vathsan Street: Rs 2,750 per sq.ft (2024)
• Shri Gangaiya Avenue: Rs 3,100 per sq.ft (2024)
• Singaram Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Ram Nagar / Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shri Ram Nagar / Avenue?

The Shri Ram Nagar / Avenue area is covered by 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 in the registration process when buying or selling property in Ramapuram. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on either the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that all legal requirements are met during the transfer of ownership.

Frequently asked questions

What is the current guideline value of Shri Ram Nagar / Avenue?

The current guideline value of Shri Ram Nagar / Avenue 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 significantly from Rs 349 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of +688% over this period.

What is the land classification for Shri Ram Nagar / Avenue?

Shri Ram Nagar / Avenue is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Shri Ram Nagar / Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Shri Ram Nagar / Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%.