Guideline Value for R.V. Nagar 1st Street

R.V. Nagar 1st Street guideline value

The current guideline value of R.V. Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of R.V. Nagar 1st Street has changed

The guideline value for R.V. Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, which is an increase of 8% from the 2023 revision of Rs 2,500 per sq.ft. Prior to this, the 2012 revision also recorded the guideline value at Rs 2,500 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. The 2023 figure remained unchanged from the 2012 revision, indicating stability in that period.

Guideline values in Kodungaiyur

Kodungaiyur has 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which aligns with the current guideline value of R.V. Nagar 1st Street.

• R.V. Nagar 1st Main Road: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 2nd Main Road: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 3rd Main Road: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 4th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in R.V. Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers R.V. Nagar 1st Street?

The R.V. Nagar 1st Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a critical factor in property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures a transparent process and helps in maintaining the integrity of property transactions.

Frequently asked questions

What is the current guideline value of R.V. Nagar 1st Street?

The current guideline value of R.V. Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, marking an 8% increase. The value remained at Rs 2,500 per sq.ft from 2012 to 2023.

What is the classification of land in R.V. Nagar 1st Street?

R.V. Nagar 1st Street is classified as Residential Class I Type - I under the Madhavaram SRO.

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 on properties in R.V. Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,89,000 based on the current guideline value.