Guideline Value for Sri Ramulu Street

Sri Ramulu Street guideline value

The current guideline value of Sri Ramulu Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Sri Ramulu Street has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 1,650 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Sri Ramulu Street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Sri Ramulu Street is below this median.

• Sri Ram avenue: Rs 2,750 per sq.ft (2024)
• Sri Ramar Koil Street: Rs 2,750 per sq.ft (2024)
• Sri Ramalinga Nagar 3rd Main Street: Rs 2,750 per sq.ft (2024)
• Sri Sankara Nagar: Rs 1,650 per sq.ft (2024)
• Srinivasan Street, Ram Nagar: Rs 3,850 per sq.ft (2024)
• Srinivasan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ramulu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ramulu Street?

The Sub Registrar Office that covers Sri Ramulu Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration process when buying or selling property in Madipakkam-1. It is used to calculate the stamp duty and registration fees that must be paid at the time of registration.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is registered at a fair value, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Ramulu Street?

The current guideline value of Sri Ramulu Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values. For example, Sri Ram avenue, Sri Ramar Koil Street, and Sri Ramalinga Nagar 3rd Main Street all have a guideline value of Rs 2,750 per sq.ft in 2024.

What fees are associated with buying property on Sri Ramulu Street?

When purchasing property on Sri Ramulu Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, these fees total Rs 1,48,500.

Where is the Sub Registrar Office located for Sri Ramulu Street?

The Velacheri Sub Registrar Office, which covers Sri Ramulu Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.