Guideline Value for R.K.Nagar Road ( Ward No.2 )

R.K.Nagar Road ( Ward No.2 ) guideline value

The current guideline value of R.K.Nagar Road ( Ward No.2 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of R.K.Nagar Road ( Ward No.2 ) has changed

Over the years, the guideline value of R.K.Nagar Road ( Ward No.2 ) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft. However, this figure dropped significantly to Rs 804 per sq.ft in the 2017 revision, marking a decrease of 33%. The most recent revision in 2024 has increased the guideline value to Rs 1,300 per sq.ft, representing a substantial rise of 62% from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, which means that the 2024 figure for R.K.Nagar Road ( Ward No.2 ) is below this median.

• R K Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• RK Nagar: Rs 1,300 per sq.ft (2024)
• Rizwan Road ( Ward No.18 ): Rs 3,300 per sq.ft (2024)
• R.M. Road Devaki Nagar Part-I: Rs 2,200 per sq.ft (2024)
• Ring Road Housing Sector (Ward-10): Rs 2,450 per sq.ft (2024)
• Ring Road Housing Sector: Rs 2,450 per sq.ft (2024)

Stamp duty and registration fee for property in R.K.Nagar Road ( Ward No.2 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers R.K.Nagar Road ( Ward No.2 )?

The Sub Registrar Office that covers R.K.Nagar Road ( Ward No.2 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of R.K.Nagar Road ( Ward No.2 )?

The current guideline value of R.K.Nagar Road ( Ward No.2 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then to Rs 1,300 per sq.ft in 2024, reflecting a significant increase of 62% from 2017 to 2024.

What is the land classification for R.K.Nagar Road ( Ward No.2 )?

R.K.Nagar Road ( Ward No.2 ) is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in R.K.Nagar Road ( Ward No.2 )?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.