Guideline Value for R.M.V. NAGAR

R.M.V. Nagar guideline value

The current guideline value of R.M.V. Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of R.M.V. Nagar has changed

The guideline value for R.M.V. Nagar has undergone several revisions over the years. The earliest recorded value in 2003 was Rs 171 per sq.ft, which increased to Rs 600 per sq.ft in 2007. The value then saw a significant rise to Rs 1,400 per sq.ft in 2012, followed by a decrease to Rs 938 per sq.ft in 2017. The 2023 revision set the value at Rs 1,400 per sq.ft, and the latest revision in 2024 has increased it to Rs 1,500 per sq.ft.

In terms of percentage changes, the value increased by 7% from 2023 to 2024. From 2017 to 2023, the increase was 49%. The value decreased by 33% from 2012 to 2017. There was a substantial increase of 133% from 2007 to 2012, and a remarkable rise of 251% from 2003 to 2007. Overall, from 2003 to 2024, the guideline value has increased by 777%. The register has no figure for this street in 2002.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO carrying a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. R.M.V. Nagar's current value is below this median.

• Rottikara Madam Street: Rs 3,300 per sq.ft (2024)
• Retaimalai Srinivasan Nagar: Rs 3,300 per sq.ft (2024)
• Sachchiyyakuppam: Rs 2,150 per sq.ft (2024)
• Sadayanguppam Pattai: Rs 3,300 per sq.ft (2024)
• Sakthi Ganapathi Nagar: Rs 1,500 per sq.ft (2024)
• Ramasamy Mudaliyar Nagar: Rs 1,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value is Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total fees to Rs 1,35,000. 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.M.V. Nagar?

The Sub Registrar Office that covers R.M.V. Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is utilized during the registration of property transactions in Thiruvottiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs reflect the official valuation of the property.

When buying or selling property, the guideline value helps in determining the legal sale price for registration purposes. This value ensures transparency and consistency in property transactions within the region.

Frequently asked questions

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

The current guideline value of R.M.V. Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 1,500 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for R.M.V. Nagar?

R.M.V. Nagar is classified as Residential Class II Type - II, indicating its designation for residential use.

Which Sub Registrar Office covers R.M.V. Nagar?

The Thiruvottiyur Sub Registrar Office covers R.M.V. Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in R.M.V. Nagar?

Stamp duty for properties in R.M.V. Nagar is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 15,00,000 would incur a stamp duty of Rs 1,05,000 at 7%.