Guideline Value for SRI RAMAKRISHNA STREET

Sri Ramakrishna Street guideline value

The current guideline value of Sri Ramakrishna Street is Rs 5,300 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village and falls under the Kodambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Ramakrishna Street has changed

The guideline value for Sri Ramakrishna Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 414 per sq.ft. This increased to Rs 456 per sq.ft in 2003, marking a 10% rise. The 2007 revision saw a significant jump to Rs 1,050 per sq.ft, which was a 130% increase. In 2012, the value was adjusted to Rs 4,900 per sq.ft, reflecting a decrease of 33% from the previous revision.

From 2012, the value increased again to Rs 3,283 per sq.ft in 2017, which was a 49% rise. The most recent revision in 2023 set the value at Rs 4,900 per sq.ft, and the current guideline value is Rs 5,300 per sq.ft as of July 2024, representing an 8% increase from the previous year. There are no figures for this street in other revisions.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which means that the guideline value for Sri Ramakrishna Street is below this median.

• Sri Sakthi Nagar: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar East Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar South Street: Rs 6,000 per sq.ft (2024)
• Sri Venkatesa Perumal Nagar: Rs 6,600 per sq.ft (2024)
• State Bank Colony: Rs 6,600 per sq.ft (2024)
• S.P. Koil Street: Rs 4,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ramakrishna Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,300 per sq.ft, the total guideline value would be Rs 53,00,000. The stamp duty at 7% would amount to Rs 3,71,000, and the registration fee at 2% would be Rs 1,06,000, bringing the total cost for stamp duty and registration fees to Rs 4,77,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Ramakrishna Street?

The Sub Registrar Office that covers Sri Ramakrishna Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in determining the registration fees and stamp duty when buying or selling property in Arumbakkam. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government collects appropriate revenue from property transactions.

When you register a property, the guideline value will be used to calculate the fees based on the higher of the guideline value or the sale price. This means that if the sale price is lower than the guideline value, the stamp duty and registration fees will be calculated based on the guideline value.

Frequently asked questions

What is the current guideline value of Sri Ramakrishna Street?

The current guideline value of Sri Ramakrishna Street is Rs 5,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 414 per sq.ft in 2002 to Rs 5,300 per sq.ft in 2024, showing an overall increase of 1180% over the years.

What is the land classification for Sri Ramakrishna Street?

Sri Ramakrishna Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Sri Ramakrishna Street?

The registration office for Sri Ramakrishna Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for properties in Sri Ramakrishna Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 5,300 per sq.ft will incur a stamp duty of 7% on the guideline value.