Guideline Value for TEACHER RAMACHANDRAN NAGAR 1ST STREET

Teacher Ramachandran Nagar 1st Street guideline value

The current guideline value of Teacher Ramachandran Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Teacher Ramachandran Nagar 1st Street has changed

The guideline value for Teacher Ramachandran Nagar 1st Street has undergone several revisions over the years. The earliest recorded value was Rs 776 per sq.ft in 2002, which increased to Rs 893 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,300 per sq.ft in 2007, and then to Rs 4,000 per sq.ft in 2012. However, it saw a decrease to Rs 2,680 per sq.ft in 2017. The subsequent revisions saw an increase to Rs 4,000 per sq.ft in 2023, and finally, the current value is Rs 4,400 per sq.ft as of the 2024 revision.

In terms of changes, from 2002 to 2003, the increase was +15%. The value then jumped by +46% from 2003 to 2007. The most significant rise occurred between 2007 and 2012, with an increase of +208%. However, from 2012 to 2017, there was a decline of -33%. The value increased by +49% from 2017 to 2023, and the latest revision from 2023 to 2024 saw a rise of +10%. Overall, from 2002 to 2024, the guideline value has increased by +467%.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. Teacher Ramachandran Nagar 1st Street's 2024 figure is above this median.

• Teacher Ramachandran Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Teacher Ramachandran Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Subramaniyasamy Koil Street: Rs 4,950 per sq.ft (2024)
• Subramania Mudali Street: Rs 4,400 per sq.ft (2024)
• Vaniyar Street: Rs 2,750 per sq.ft (2024)
• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Teacher Ramachandran Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration would be Rs 3,96,000. 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 accurate calculations.

Which Sub Registrar Office covers Teacher Ramachandran Nagar 1st Street?

The Teacher Ramachandran Nagar 1st Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is bought or sold, the registration office uses the guideline value to calculate the necessary fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Teacher Ramachandran Nagar 1st Street?

The current guideline value of Teacher Ramachandran Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 776 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +467% over the years.

What is the land classification for Teacher Ramachandran Nagar 1st Street?

The land classification for Teacher Ramachandran Nagar 1st Street is Residential Class II Type - I.

Which Sub Registrar Office covers this street?

The Chennai South Joint I Sub Registrar Office covers Teacher Ramachandran Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.