Guideline Value for R.E. Nagar 7th Street

R.E. Nagar 7th Street guideline value

The current guideline value of R.E. Nagar 7th Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the jurisdiction of the Kunrathur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of R.E. Nagar 7th Street has changed

The guideline value for R.E. Nagar 7th Street has seen several revisions over the years. The earliest recorded revision in 2002 set the value at Rs 188 per sq.ft. This figure increased to Rs 208 per sq.ft in 2003, marking an 11% rise. By 2007, the value jumped significantly to Rs 750 per sq.ft, reflecting a 261% increase. The 2012 revision saw a decrease to Rs 3,200 per sq.ft, which was a 327% increase from the 2007 figure. In 2017, the value was revised again to Rs 2,144 per sq.ft, resulting in a 33% decline. The subsequent revision in 2023 raised the value to Rs 3,200 per sq.ft, a substantial 49% increase. Finally, the current value for 2024 is Rs 3,520 per sq.ft, which is a 10% increase from the previous year.

The register has no figures for the years between these revisions. Overall, from 2002 to 2024, the guideline value has increased by 1,772%.

Guideline values in Porur

In Porur village, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median value for these streets is Rs 3,960 per sq.ft, placing R.E. Nagar 7th Street's 2024 figure below this median.

• R.E. Nagar 5th Street to Melpallikuppam (West): Rs 3,520 per sq.ft (2024)
• R.E. Nagar 8th Street: Rs 3,520 per sq.ft (2024)
• R.E. Nagar 5th Street to Melpallikuppam (East): Rs 3,520 per sq.ft (2024)
• R.E.Nagar 9th Street: Rs 3,520 per sq.ft (2024)
• R.E.Nagar Erikkarai Road: Rs 3,520 per sq.ft (2024)
• R.E. Nagar IIIrd Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in R.E. Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers R.E. Nagar 7th Street?

The R.E. Nagar 7th Street falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Porur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When you register a property, the guideline value is used to ensure that the transaction is recorded at a value that reflects the current market conditions as per the official register. This helps in maintaining transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of R.E. Nagar 7th Street?

The current guideline value of R.E. Nagar 7th Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 188 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 1,772%.

What is the registration office for R.E. Nagar 7th Street?

The registration office for R.E. Nagar 7th Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for property in R.E. Nagar 7th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,46,400 based on the current guideline value.

What other streets in Porur have the same guideline value?

Other streets in Porur that have the same guideline value of Rs 3,520 per sq.ft in 2024 include R.E. Nagar 5th Street to Melpallikuppam (West), R.E. Nagar 8th Street, R.E. Nagar 5th Street to Melpallikuppam (East), R.E.Nagar 9th Street, R.E.Nagar Erikkarai Road, and R.E. Nagar IIIrd Street.