Guideline Value for VELLAKKAL RAMADOSS STREET

Vellakkal Ramadoss Street guideline value

The current guideline value of Vellakkal Ramadoss Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vellakkal Ramadoss Street has changed

The guideline value for Vellakkal Ramadoss Street has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision. However, there was a significant increase in the subsequent revisions, with the value rising to Rs 2,000 per sq.ft in 2023 and then to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is +10%. The revisions for the years 2002, 2003, and 2007 do not have any figures recorded 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 in this area is Rs 2,200 per sq.ft, which is the same as the current value for Vellakkal Ramadoss Street.

• Vellaikkal: Rs 2,200 per sq.ft (2024)
• Velavan Street: Rs 2,750 per sq.ft (2024)
• Velachery Main Road 4th Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 1st Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Vellakkal Ramadoss Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vellakkal Ramadoss Street?

The Sub Registrar Office that covers Vellakkal Ramadoss Street is 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 an essential factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

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 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 Vellakkal Ramadoss Street?

The current guideline value of Vellakkal Ramadoss Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 in 2023, and finally to Rs 2,200 in 2024.

What is the land classification for Vellakkal Ramadoss Street?

Vellakkal Ramadoss Street is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Vellakkal Ramadoss Street?

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