Guideline Value for R.K.M.A. Nagar

R.K.M.A. Nagar guideline value

The current guideline value for R.K.M.A. Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of R.K.M.A. Nagar has changed

The guideline value for R.K.M.A. Nagar has undergone several revisions over the years. In 2002, the value was Rs 85 per sq.ft, which increased to Rs 115 per sq.ft in 2003, marking a 35% rise. The value then saw a significant increase to Rs 500 per sq.ft in 2007, a change of 335%. Following this, the value rose to Rs 1,500 per sq.ft in 2012, reflecting a 200% increase. However, it decreased to Rs 1,005 per sq.ft in 2017, a drop of 33%. The value then increased again to Rs 1,500 per sq.ft in 2023, and most recently, it has risen to Rs 1,700 per sq.ft in 2024, which is a 13% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,900%. The register has no figure for the years not mentioned in the revisions for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with a 2024 guideline value range from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means R.K.M.A. Nagar's 2024 figure is below that median.

• Ruby Complex & Extension: Rs 2,800 per sq.ft (2024)
• Ranjith Nagar: Rs 3,900 per sq.ft (2024)
• Ranga Reddy Garden Pirathana Salai: Rs 4,400 per sq.ft (2024)
• Ranga Reddy Garden 9th Cross Street: Rs 4,200 per sq.ft (2024)
• Ranga Reddy Garden 8th Cross Street: Rs 4,200 per sq.ft (2024)
• Ranga Reddy Garden 7th Cross Street: Rs 4,200 per sq.ft (2024)

Stamp duty and registration fee for property in R.K.M.A. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, these fees would total Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers R.K.M.A. Nagar?

The Sub Registrar Office that covers R.K.M.A. Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Neelankarai, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. It serves as a benchmark for the minimum value at which properties can be registered.

The guideline value is crucial for both buyers and sellers, as it ensures that the property transaction is recorded at a value that reflects the current market conditions as set by the Registration Department.

Frequently asked questions

What is the current guideline value of R.K.M.A. Nagar?

The current guideline value of R.K.M.A. Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 85 per sq.ft to Rs 1,700 per sq.ft in 2024, marking an overall increase of 1,900%.

What are the stamp duty and registration fees for properties in R.K.M.A. Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would be Rs 1,53,000.

Where is the Sub Registrar Office for R.K.M.A. Nagar located?

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

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that properties are registered at a value reflective of the current market conditions.