Guideline Value for R.C.M. SCHOOL STREET

R.C.M. School Street guideline value

The current guideline value of R.C.M. School Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of R.C.M. School Street has changed

The guideline value for R.C.M. School Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and finally, the current rate is Rs 2,200 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. The overall change from the 2012 revision to the current 2024 rate shows a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Poonthamallee

In Poonthamallee village, there are 257 streets under the Poonamallee SRO carrying a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value for R.C.M. School Street.

• RKV nagar: Rs 2,200 per sq.ft (2024)
• Rosi Garden: Rs 2,200 per sq.ft (2024)
• Rukmani nagar: Rs 3,250 per sq.ft (2024)
• Sabapathi mudaliar street: Rs 2,200 per sq.ft (2024)
• Ramanujam koodam street: Rs 2,740 per sq.ft (2024)
• Sakthi nagar: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in R.C.M. School Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers R.C.M. School Street?

The Sub Registrar Office that covers R.C.M. School Street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Poonthamallee. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the property is valued fairly for taxation purposes.

When selling property, the guideline value also plays a role in determining the minimum sale price. It is essential for both buyers and sellers to be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of R.C.M. School Street?

The current guideline value of R.C.M. School 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 to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the stamp duty for property in R.C.M. School Street?

The stamp duty for property in R.C.M. School Street is 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Where can I find the Sub Registrar Office for R.C.M. School Street?

The Sub Registrar Office for R.C.M. School Street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the land classification of R.C.M. School Street?

R.C.M. School Street is classified as Residential Class II Type - I under the Poonamallee SRO.