Guideline Value for UMARGAYAM STREET

Umargayam Street guideline value

The current guideline value of Umargayam Street in Ramapuram village is Rs 1,950 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Umargayam Street has changed

The guideline value for Umargayam Street has undergone several revisions over the years. In 2007, the value was set at Rs 900 per sq.ft. This increased to Rs 1,750 per sq.ft in 2012, marking a significant rise of 94%. However, between 2012 and 2017, the value decreased to Rs 1,172 per sq.ft, a drop of 33%. The value then rose to Rs 1,750 per sq.ft in 2023, showing an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 1,950 per sq.ft, which is an 11% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 for Umargayam Street. Overall, from 2007 to 2024, the guideline value has increased by 117%.

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, with a median value of Rs 3,100 per sq.ft. As such, the guideline value of Umargayam Street is below this median.

• Umadevai Street: Rs 1,950 per sq.ft (2024)
• Ulagathamman Koil Street: Rs 1,950 per sq.ft (2024)
• Udayar Street: Rs 1,950 per sq.ft (2024)
• Udayarkulam Street: Rs 1,950 per sq.ft (2024)
• Valluvar Salai: Rs 5,500 per sq.ft (2024)
• Vanchinathan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Umargayam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total guideline value amounts to Rs 19,50,000. The stamp duty, charged at 7%, would be Rs 1,36,500, and the registration fee at 2% would be Rs 39,000. Together, these fees total Rs 1,75,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Umargayam Street?

Umargayam 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction is initiated, the guideline value helps ensure that the transaction is recorded accurately in the official registers. This value is periodically updated to reflect changes in the market and local conditions, ensuring that it remains relevant for property transactions.

Frequently asked questions

What is the current guideline value of Umargayam Street?

The current guideline value of Umargayam Street is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 1,950 per sq.ft in 2024, reflecting an overall increase of 117% over this period.

What is the classification of Umargayam Street?

Umargayam Street is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for properties in Umargayam Street?

For a property valued at Rs 19,50,000, the stamp duty would be Rs 1,36,500 and the registration fee would be Rs 39,000, totaling Rs 1,75,500.

Which office handles registrations for Umargayam Street?

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