Guideline Value for Sri Ramachandra Nagar

Sri Ramachandra Nagar guideline value

The current guideline value of Sri Ramachandra Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Ramachandra Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. With the 2024 revision, it has increased to Rs 1,600 per sq.ft, marking a significant change of +59%. The register does not have figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

From 2017 to 2024, the increase reflects the adjustments made in the guideline values over the years. The 2024 figure aligns with the median guideline value of Rs 1,600 per sq.ft for the village, which ranges from Rs 1,300 to Rs 7,500 per sq.ft across 1,946 streets in Madhavaram.

Guideline values in Madhavaram

The guideline values in Madhavaram reflect a range of prices, with the median being Rs 1,600 per sq.ft. Sri Ramachandra Nagar's 2024 guideline value matches this median. Other streets in Madhavaram include:

• Sri Ramakrishna Nagar: Rs 1,300 per sq.ft (2024)
• Sri Raman Salai 1st Street (Ward 21): Rs 1,300 per sq.ft (2024)
• Sri Raman Salai 2nd Street (Ward 21): Rs 1,300 per sq.ft (2024)
• Sri Raman Salai 3rd Street (Ward 21): Rs 1,300 per sq.ft (2024)
• Sri Raman Salai 4th Street (Ward 21): Rs 1,300 per sq.ft (2024)
• Sri Raman Salai 5th Street (Ward 21): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ramachandra Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, leading to a total of Rs 1,44,000. 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 detailed calculations.

Which Sub Registrar Office covers Sri Ramachandra Nagar?

Sri Ramachandra Nagar falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. It serves as a benchmark to determine the minimum value at which properties can be registered, ensuring transparency in the property market.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer. This value is essential for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Sri Ramachandra Nagar?

The current guideline value of Sri Ramachandra Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft in 2024, representing a change of +59%.

What is the land classification for Sri Ramachandra Nagar?

Sri Ramachandra Nagar is classified as Residential Class II Type - I, which indicates its designation for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Sri Ramachandra Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000.