Guideline Value for R.K.Nagar

R.K.Nagar guideline value

The current guideline value of R.K.Nagar, located in Karunakaravilagam village under the Madurandakam SRO, is Rs 120 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

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

Over the years, the guideline value for R.K.Nagar has undergone several revisions. The 2007 revision set the value at Rs 50 per sq.ft, which increased to Rs 120 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 80 per sq.ft before rising again to Rs 120 per sq.ft in both the 2023 and 2024 revisions. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a significant increase of 50%, while the change from 2012 to 2017 saw a decrease of 33%. The overall change from 2007 to 2024 reflects an increase of 140%, indicating a steady value in recent years.

Guideline values in Karunakaravilagam

In Karunakaravilagam, four streets are listed under the Madurandakam SRO with a 2024 guideline value ranging from Rs 120 to Rs 400 per sq.ft. The median value for these streets is Rs 120 per sq.ft, which matches the guideline value of R.K.Nagar.

• Veerasamy Nagar: Rs 120 per sq.ft (2024)
• Vpr Housing Plots: Rs 120 per sq.ft (2024)
• மணிமேகலை நகர்: Rs 400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 120 per sq.ft, the guideline value amounts to Rs 1,20,000. The stamp duty at 7% would be Rs 8,400, and the registration fee at 2% would be Rs 2,400, totaling Rs 10,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers R.K.Nagar?

The Sub Registrar Office that covers R.K.Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared against the sale price. The higher of the two values is used to calculate the stamp duty, ensuring that the appropriate fees are collected based on the established value of the property.

Frequently asked questions

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

The current guideline value of R.K.Nagar is Rs 120 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent changes being from Rs 120 per sq.ft in 2023 to Rs 120 per sq.ft in 2024, indicating no change. The overall increase from 2007 to 2024 is 140%.

What is the land classification for R.K.Nagar?

R.K.Nagar is classified as Residential Special Type - I, which influences its guideline value and potential uses.

What are the stamp duty rates for property in R.K.Nagar?

The stamp duty rate for property in R.K.Nagar is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

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

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone, which serves R.K.Nagar.