Guideline Value for Sri Raman Salai 1st Street (Ward 21)

Sri Raman Salai 1st Street (Ward 21) guideline value

The current guideline value of Sri Raman Salai 1st Street (Ward 21) is Rs 1,300 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 III Type - I.

How the guideline value of Sri Raman Salai 1st Street (Ward 21) has changed

The guideline value for Sri Raman Salai 1st Street has undergone several revisions over the years. In the 2012 revision, the value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 1,200 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an increase of 8% from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values 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, indicating that the guideline value for Sri Raman Salai 1st Street is below this median.

• 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)
• Sri Raman Salai City Limit Road (Ward No.21): Rs 1,300 per sq.ft (2024)
• Sriraman Salai, Ponniammanmedu (Ward-21): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Raman Salai 1st Street (Ward 21)

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, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sri Raman Salai 1st Street (Ward 21)?

The Sub Registrar Office that covers Sri Raman Salai 1st Street (Ward 21) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more details, you can 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, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as it directly impacts the stamp duty and registration fees that need to be paid.

During the registration process, the guideline value serves as a benchmark to ensure that properties are not undervalued. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Sri Raman Salai 1st Street (Ward 21)?

The current guideline value of Sri Raman Salai 1st Street (Ward 21) 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024. Overall, from 2012 to 2024, the guideline value has increased by 8%.

What are the stamp duty and registration fees for properties on this street?

For a 1,000 sq.ft property at the current guideline value, the total guideline value would be Rs 13,00,000. The stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000 for these fees.

Which office handles registrations for Sri Raman Salai 1st Street (Ward 21)?

The Madhavaram Sub Registrar Office handles registrations for Sri Raman Salai 1st Street (Ward 21). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Sri Raman Salai 1st Street (Ward 21)?

Sri Raman Salai 1st Street (Ward 21) is classified as Residential Class III Type - I, indicating its suitability for residential development.