Guideline Value for Vivekananda Street (Ramakrishna Nagar)

Vivekananda Street (Ramakrishna Nagar) guideline value

The current guideline value of Vivekananda Street (Ramakrishna Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO, classified as Residential Class IV Type - I.

How the guideline value of Vivekananda Street (Ramakrishna Nagar) has changed

The guideline value for Vivekananda Street (Ramakrishna Nagar) has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,000 per sq.ft. This figure doubled to Rs 2,000 per sq.ft in the 2012 revision. The value remained unchanged at Rs 2,000 per sq.ft until the 2023 revision, where it increased to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2017 in the register for this street. Overall, the guideline value has increased by 120% from the 2007 revision to the current 2024 revision.

Guideline values in Kolathur

Kolathur village has a total of 879 streets under the Sembiam SRO, with guideline values in 2024 ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Vivekananda Street (Ramakrishna Nagar) below this median.

• Vivekanandha Nagar: Rs 2,200 per sq.ft (2024)
• Vivek Nagar: Rs 2,200 per sq.ft (2024)
• Vinobha Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Vinobaba Nagar: Rs 2,200 per sq.ft (2024)
• V.O.C. Street: Rs 2,700 per sq.ft (2024)
• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Street (Ramakrishna Nagar)

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, making the total cost Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivekananda Street (Ramakrishna Nagar)?

The Sub Registrar Office that covers Vivekananda Street (Ramakrishna Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale of property.

When buying or selling property, the guideline value is used to calculate the financial obligations, ensuring that buyers and sellers are aware of the costs involved in the registration process. This transparency helps in facilitating smoother transactions.

Frequently asked questions

What is the current guideline value of Vivekananda Street (Ramakrishna Nagar)?

The current guideline value of Vivekananda Street (Ramakrishna Nagar) 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 1,000 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 120% over this period.

What is the median guideline value in Kolathur?

The median guideline value for the 879 streets in Kolathur under the Sembiam SRO is Rs 3,300 per sq.ft. Vivekananda Street's current value is below this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in the area is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the area.