Guideline Value for R.E.NAGAR

R.E.Nagar guideline value

The current guideline value of R.E.Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of R.E.Nagar has changed

The guideline value of R.E.Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 151 per sq.ft. This value increased significantly in subsequent years, reaching Rs 1,000 per sq.ft in 2007, and then further to Rs 3,000 per sq.ft in 2012. However, there was a decline to Rs 2,010 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,000 per sq.ft in 2023, followed by the current value of Rs 3,300 per sq.ft in 2024.

In terms of percentage changes, the guideline value rose by 562% from 2003 to 2007, then increased by 200% from 2007 to 2012. After a decline of 33% from 2012 to 2017, it surged by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 2085%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is the same as the current value for R.E.Nagar.

• Royal Avenue 1 St Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 2 Nd Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 3 Th Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 4 Rd Street: Rs 2,800 per sq.ft (2024)
• Royals Avenue: Rs 2,800 per sq.ft (2024)
• Sakthi Garden: Rs 2,800 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total amount for stamp duty and registration fees Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers R.E.Nagar?

The Sub Registrar Office that covers R.E.Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, visit find your SRO.

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

The guideline value plays a crucial role in the property registration process in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to avoid any discrepancies during registration.

When buying or selling property, the guideline value serves as a benchmark for assessing the property's value. It is essential for both parties to understand this value to facilitate a smooth transaction and ensure that all legal requirements are met.

Frequently asked questions

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

The current guideline value of R.E.Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 151 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 2085% over the years.

What is the land classification of R.E.Nagar?

R.E.Nagar is classified as Residential Class II Type - I.

Which Sub Registrar Office covers R.E.Nagar?

The Neelankarai Sub Registrar Office covers R.E.Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in R.E.Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a total guideline value of Rs 33,00,000, leading to a stamp duty of Rs 2,31,000 at 7%.