Guideline Value for Sri Raman Salai 5th Street (Ward 21)

Sri Raman Salai 5th Street (Ward 21) guideline value

The current guideline value of Sri Raman Salai 5th 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, classified as Residential Class III Type - I.

How the guideline value of Sri Raman Salai 5th Street (Ward 21) has changed

The guideline value has seen several revisions over the years. In 2012, 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, the value increased significantly by 49% to reach Rs 1,200 per sq.ft. The latest revision in 2024 has raised the value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 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 that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Sri Raman Salai 5th Street is below this median.

• Sri Raman Salai 4th 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)
• Sri Raman Salai 3rd Street (Ward 21): Rs 1,300 per sq.ft (2024)
• Sriraman Salai, Ponniammanmedu (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 (Ward No.21): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Raman Salai 5th 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 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 calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Raman Salai 5th Street (Ward 21)?

The Sub Registrar Office that covers Sri Raman Salai 5th 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 is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Sri Raman Salai 5th Street?

The current guideline value of Sri Raman Salai 5th 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 increased 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 5th Street?

Sri Raman Salai 5th Street is classified as Residential Class III Type - I under the Madhavaram SRO.

How much is the stamp duty for properties in this area?

The stamp duty for properties in Sri Raman Salai 5th Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office covering Sri Raman Salai 5th Street (Ward 21) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.