Guideline Value for Star Street

Star Street guideline value

The current guideline value of Star Street in Ramapuram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Star Street has changed

The guideline value for Star Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. In the subsequent revision in 2023, the value increased to Rs 2,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but the value increased by 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Star Street's 2024 guideline value below this median.

• Subham Avenue: Rs 2,750 per sq.ft (2024)
• Sunthari Garden: Rs 1,950 per sq.ft (2024)
• Tamil Nagar: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 1st Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 2nd Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 3rd Street: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Star Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Star Street?

Star Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for legal ownership transfer. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, thus influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Star Street?

The current guideline value of Star Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the registration office for Star Street?

The registration office for Star Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty and registration fees for property in Star Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

How is the guideline value determined for properties in Ramapuram?

The guideline value is determined by the Registration Department's guideline value register, which assesses various factors, including land classification and location, to set the minimum value for property registration.