Guideline Value for Sri Ramakrishna Nagar

Sri Ramakrishna Nagar guideline value

The current guideline value of Sri Ramakrishna Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sri Ramakrishna Nagar has changed

The guideline value for Sri Ramakrishna Nagar has seen several revisions over the years. In the 2017 revision, the value was set at Rs 804 per sq.ft. This increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest 2024 revision has further increased the value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, making the guideline value for Sri Ramakrishna Nagar below this median.

• Sri Ramachandra Nagar: Rs 1,600 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 Ramakrishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. It is important to note that the 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 Nagar?

The Sri Ramakrishna Nagar area 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 property transactions in Madhavaram. It serves as a benchmark for determining the minimum acceptable price for property registration. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that need to be paid during the registration process.

When a property is sold, the sale price must be at least equal to the guideline value to ensure compliance with local regulations. This means that buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Sri Ramakrishna Nagar?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62% over this period.

What is the land classification for Sri Ramakrishna Nagar?

Sri Ramakrishna Nagar is classified as Residential Class III Type - I, which is relevant for property transactions and valuations in the area.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How is stamp duty calculated for properties in Sri Ramakrishna Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.