Guideline Value for Tichu Street

Tichu Street guideline value

The current guideline value of Tichu Street in Ramapuram village is Rs 3,550 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Tichu Street has changed

The guideline value for Tichu Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,200 per sq.ft, which was then decreased to Rs 2,144 per sq.ft in the 2017 revision. Following this, the 2023 revision saw a significant increase to Rs 3,200 per sq.ft, and the most recent 2024 revision further raised the value to Rs 3,550 per sq.ft, marking an 11% increase from the previous year.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

Ramapuram village features a total of 394 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing Tichu Street's 2024 value above this median.

• Thiru-VI-Ka Street: Rs 4,400 per sq.ft (2024)
• Thiruvalluvar Street: Rs 3,550 per sq.ft (2024)
• Thiruvalluvar Salai: Rs 5,500 per sq.ft (2024)
• Udayarkulam Street: Rs 1,950 per sq.ft (2024)
• Udayar Street: Rs 1,950 per sq.ft (2024)
• Ulagathamman Koil Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Tichu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,550 per sq.ft, the total guideline value amounts to Rs 35,50,000. The stamp duty at 7% would be Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, bringing the total cost together to Rs 3,19,500. 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 Tichu Street?

Tichu 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. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration 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 government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as it influences the overall cost of the property transaction.

Frequently asked questions

What is the current guideline value of Tichu Street?

The current guideline value of Tichu Street is Rs 3,550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2012 to Rs 2,144 per sq.ft in 2017, then back to Rs 3,200 per sq.ft in 2023, and finally to Rs 3,550 per sq.ft in 2024.

What is the median guideline value for streets in Ramapuram?

The median guideline value for the 394 streets in Ramapuram is Rs 3,100 per sq.ft, with Tichu Street's current value being above this median.

What are the stamp duty and registration fees for Tichu Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 35,50,000. The stamp duty at 7% would be Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, totaling Rs 3,19,500.

Which office handles registrations for Tichu Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Tichu Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.