Guideline Value for SHRI RAMASAMY NAGAR

Shri Ramasamy Nagar guideline value

The current guideline value of Shri Ramasamy Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village and falls under the Chennai South Joint I SRO with a land classification of Residential Class IV Type - II.

How the guideline value of Shri Ramasamy Nagar has changed

The guideline value for Shri Ramasamy Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 94 per sq.ft, which increased to Rs 108 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 500 per sq.ft in 2007, and then it further increased to Rs 1,200 per sq.ft in 2012. However, there was a decrease to Rs 804 per sq.ft in 2017. The value then rose to Rs 1,200 per sq.ft in 2023 before reaching the current figure of Rs 1,320 per sq.ft in 2024.

Between these revisions, notable changes include a 10% increase from 2023 to 2024, a 49% rise from 2017 to 2023, a decrease of 33% from 2012 to 2017, a 140% increase from 2007 to 2012, a substantial 363% rise from 2003 to 2007, and a 15% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1,304%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing Shri Ramasamy Nagar's 2024 figure below this median.

• Shri Lalitha Nagar: Rs 1,320 per sq.ft (2024)
• Shri Kamatchiamman Nagar: Rs 1,320 per sq.ft (2024)
• Shri Ganapathy Nagar Annex & Shri Ganapathy Nagar: Rs 1,100 per sq.ft (2024)
• Shri Balaji Nagar: Rs 1,100 per sq.ft (2024)
• Shri Andal Nagar Annex: Rs 1,660 per sq.ft (2024)
• Shameer Sulthan Inam Maniyam Land: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Ramasamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. It is important to 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 information.

Which Sub Registrar Office covers Shri Ramasamy Nagar?

The Sub Registrar Office that covers Shri Ramasamy Nagar is the Chennai South Joint I 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 here.

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

The guideline value is a critical factor during the registration of property transactions in Vanagaram. It serves as a benchmark for determining the minimum value at which properties must be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial obligations related to the transaction. Buyers should be aware that the stamp duty and registration fees will be calculated based on the higher of the guideline value or the sale price, which is crucial for budgeting the overall cost of the property transaction.

Frequently asked questions

What is the current guideline value of Shri Ramasamy Nagar?

The current guideline value of Shri Ramasamy Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 94 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,304% across the years.

What is the registration office for Shri Ramasamy Nagar?

The registration office for Shri Ramasamy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty and registration fees for property in Shri Ramasamy Nagar?

For a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800.

Where does Shri Ramasamy Nagar stand compared to other streets in Vanagaram?

Shri Ramasamy Nagar's guideline value of Rs 1,320 per sq.ft is below the median value of Rs 1,660 per sq.ft for the 287 streets in Vanagaram under the Chennai South Joint I SRO.