Guideline Value for Shankardas 2nd Street,Ramalingam Nagar Main Road

Shankardas 2nd Street,Ramalingam Nagar Main Road guideline value

The current guideline value of Shankardas 2nd Street, Ramalingam Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village and falls under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Shankardas 2nd Street,Ramalingam Nagar Main Road has changed

The guideline value for Shankardas 2nd Street, Ramalingam Nagar Main Road has experienced significant changes over the years. In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. The most recent revision in 2024 saw an increase to Rs 2,750 per sq.ft, representing a change of +64% from the previous value. Notably, there are no figures available for this street in the revisions for the years 2023, 2012, 2007, 2003, and 2002.

This means that the only registered values for this street are from the 2017 and 2024 revisions. The substantial increase in the guideline value reflects the updated assessment for the area, aligning it with the median value of Rs 2,750 per sq.ft for the village.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value for Shankardas 2nd Street, Ramalingam Nagar Main Road.

• Shankarados Street, Ramalinga Nagar Extension: Rs 2,750 per sq.ft (2024)
• Sethupathy Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Sethupathy Nagar, Bank of Baroda Colony: Rs 2,200 per sq.ft (2024)
• Sethupathy Nagar: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Shanthi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shankardas 2nd Street,Ramalingam Nagar Main Road

For a property of 1,000 sq.ft 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, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be 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.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Shankardas 2nd Street,Ramalingam Nagar Main Road?

The Shankardas 2nd Street, Ramalingam Nagar Main Road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It helps in assessing the fair value of the property being transacted and ensures compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Shankardas 2nd Street, Ramalingam Nagar Main Road?

The current guideline value of Shankardas 2nd Street, Ramalingam Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,750 per sq.ft, which is a change of +64%.

What are the other guideline values in Madipakkam-1?

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which is the same as the guideline value for Shankardas 2nd Street.

What fees are associated with registering property in Shankardas 2nd Street?

The fees for registering property include a stamp duty of 7% and a registration fee of 2% based on the guideline value. For a property valued at Rs 27,50,000, the total fees would amount to Rs 2,47,500.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can visit this office for property registration and related services.