Guideline Value for V.G.P. DR. RAMAIYAH NAGAR

V.G.P. Dr. Ramaiyah Nagar guideline value

The current guideline value of V.G.P. Dr. Ramaiyah Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of V.G.P. Dr. Ramaiyah Nagar has changed

The guideline value for V.G.P. Dr. Ramaiyah Nagar has seen significant changes over the years. The earliest recorded figure in the register is from 2002, which was Rs 149 per sq.ft. This figure increased to Rs 173 per sq.ft in 2003, marking a 16% rise. The value then rose dramatically to Rs 500 per sq.ft in 2007, representing a 189% increase. Following this, the value surged to Rs 2,500 per sq.ft in 2012, a substantial increase of 400%. However, in 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a 33% drop. The guideline value then climbed to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,746%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing V.G.P. Dr. Ramaiyah Nagar's current value above this median.

• V.G.P. Dr. Vimala Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Babu Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Pushpa Nagar: Rs 2,750 per sq.ft (2024)
• Vigneshwara Nagar Phase-I: Rs 2,750 per sq.ft (2024)
• Venkatraman Street: Rs 2,200 per sq.ft (2024)
• Vijayanagaram: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Dr. Ramaiyah Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty is charged at 7%, which totals Rs 1,92,500, while the registration fee at 2% amounts to Rs 55,000. Together, the total cost for stamp duty and registration fee is Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers V.G.P. Dr. Ramaiyah Nagar?

V.G.P. Dr. Ramaiyah Nagar 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. To find your SRO, you can visit find your SRO.

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

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of V.G.P. Dr. Ramaiyah Nagar?

The current guideline value of V.G.P. Dr. Ramaiyah Nagar 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 significantly from Rs 149 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,746% over this period.

What is the land classification of V.G.P. Dr. Ramaiyah Nagar?

The land classification for V.G.P. Dr. Ramaiyah Nagar is Commercial Class I Type - III.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers V.G.P. Dr. Ramaiyah Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is 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, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.