Guideline Value for Sri Raman Salai 2nd Street (Ward 21)

Sri Raman Salai 2nd Street (Ward 21) guideline value

The current guideline value for Sri Raman Salai 2nd 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 2nd Street (Ward 21) has changed

The guideline value for Sri Raman Salai 2nd Street (Ward 21) has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,300 per sq.ft.

Between the revisions, there have been notable changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The most recent change from 2023 to 2024 shows an increase of 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that the 2024 figure for Sri Raman Salai 2nd Street is below this median.

• Sri Raman Salai 1st 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 2nd Street (Ward 21)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sri Raman Salai 2nd Street (Ward 21)?

The Sub Registrar Office that covers Sri Raman Salai 2nd Street (Ward 21) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions reflect fair pricing in the market.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Sri Raman Salai 2nd Street (Ward 21)?

The current guideline value for Sri Raman Salai 2nd 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.

What is the land classification for Sri Raman Salai 2nd Street (Ward 21)?

Sri Raman Salai 2nd Street (Ward 21) is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Where is the Madhavaram Sub Registrar Office located?

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