Guideline Value for INDIAN RAILWAY WELFARE ASSOCIATION NAGAR (RAIL NAGAR)

Indian Railway Welfare Association Nagar (Rail Nagar) guideline value

The current guideline value of Indian Railway Welfare Association Nagar (Rail Nagar) is Rs 5,400 per sq.ft, effective from 1 July 2024. This area is located in Padi village under the Villivakkam SRO and is classified as Residential Class III Type - I.

How the guideline value of Indian Railway Welfare Association Nagar (Rail Nagar) has changed

The guideline value for Indian Railway Welfare Association Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 303 per sq.ft. This increased to Rs 340 per sq.ft in 2003, marking a 12% rise. The value then saw a significant jump to Rs 850 per sq.ft in 2007, which was an increase of 150%. In 2012, the guideline value was revised to Rs 5,000 per sq.ft, reflecting an increase of 488% from the previous revision.

In 2017, the value was set at Rs 3,350 per sq.ft, which was a decrease of 33% from 2012. The next revision occurred in 2023, where the guideline value rose to Rs 5,000 per sq.ft, representing a 49% increase. The most recent revision in 2024 has established the current guideline value at Rs 5,400 per sq.ft, marking an 8% increase from the previous year. There are no figures available for revisions in years other than those listed.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing the guideline value of Indian Railway Welfare Association Nagar above this median.

• Indian Flats: Rs 9,900 per sq.ft (2024)
• IMAYAM COLONY 3rd STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 2nd STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 1st STREET: Rs 7,100 per sq.ft (2024)
• Imayam Colony: Rs 8,200 per sq.ft (2024)
• I.C.C.Plots: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Railway Welfare Association Nagar (Rail Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total charges to Rs 4,86,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indian Railway Welfare Association Nagar (Rail Nagar)?

The Sub Registrar Office that covers Indian Railway Welfare Association Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When a property is sold, the guideline value can influence the sale price, as it reflects the official valuation of the property in that area. It is advisable for buyers and sellers to familiarize themselves with the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Indian Railway Welfare Association Nagar?

The current guideline value of Indian Railway Welfare Association Nagar (Rail Nagar) is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 303 in 2002 to Rs 5,400 in 2024, reflecting an overall increase of 1682% over the years.

What is the registration office for Indian Railway Welfare Association Nagar?

The registration office for Indian Railway Welfare Association Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Indian Railway Welfare Association Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 54,00,000 would incur a stamp duty of Rs 3,78,000 at 7%.

What are the guideline values of other streets in Padi?

Other streets in Padi have varying guideline values; for instance, Indian Flats is valued at Rs 9,900 per sq.ft, while Imayam Colony is valued at Rs 8,200 per sq.ft in 2024.