Guideline Value for R.E. Nagar II nd Street

R.E. Nagar II nd Street guideline value

The current guideline value of R.E. Nagar II nd Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - II.

How the guideline value of R.E. Nagar II nd Street has changed

The guideline value for R.E. Nagar II nd Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 219 per sq.ft. This increased to Rs 243 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 750 per sq.ft in 2007, which is a 209% increase. Following this, the guideline value surged to Rs 3,200 per sq.ft in 2012, reflecting a remarkable 327% rise. However, it decreased to Rs 2,144 per sq.ft in 2017, a decline of 33%. The value then increased to Rs 3,200 per sq.ft in 2023, before reaching the current figure of Rs 3,520 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,507%. The register has no figure for the years not mentioned in this summary.

Guideline values in Porur

In Porur, 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 guideline value in this area is Rs 3,960 per sq.ft, which means that R.E. Nagar II nd Street's current value is below this median.

• R.E. Nagar III rd Street (West): Rs 3,520 per sq.ft (2024)
• R.E. Nagar II nd Street (East): Rs 3,520 per sq.ft (2024)
• R.E. Nagar III rd Street (East): Rs 3,520 per sq.ft (2024)
• R.E. Nagar II nd Street (West): Rs 3,520 per sq.ft (2024)
• R.E. Nagar IIIrd Street: Rs 3,520 per sq.ft (2024)
• R.E. Nagar Ist Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in R.E. Nagar II nd 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, making the total amount payable Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers R.E. Nagar II nd Street?

The R.E. Nagar II nd Street is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Porur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of R.E. Nagar II nd Street?

The current guideline value of R.E. Nagar II nd 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 significantly from Rs 219 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 1,507% over this period.

What are the other streets with the same guideline value in Porur?

In Porur, several other streets have the same guideline value of Rs 3,520 per sq.ft, including R.E. Nagar III rd Street (West), R.E. Nagar II nd Street (East), R.E. Nagar III rd Street (East), R.E. Nagar II nd Street (West), R.E. Nagar IIIrd Street, and R.E. Nagar Ist Street.

What is the registration fee for property in R.E. Nagar II nd Street?

The registration fee for property in R.E. Nagar II nd Street is calculated at 2% of the guideline value. For a property valued at Rs 35,20,000, the registration fee would be Rs 70,400.

Where can I find the Sub Registrar Office for R.E. Nagar II nd Street?

The Kunrathur Sub Registrar Office covers R.E. Nagar II nd Street and is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more details by visiting the provided link.