Guideline Value for R.V. Nagar 8th Street

R.V. Nagar 8th Street guideline value

The current guideline value of R.V. Nagar 8th Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of R.V. Nagar 8th Street has changed

The guideline value for R.V. Nagar 8th Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. The most recent 2024 revision has increased the value to Rs 2,700 per sq.ft, marking a significant rise of 61% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, there has been an increase of 8%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street. Therefore, the changes between these years cannot be detailed.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as of the 2024 revision. The median guideline value for these streets is Rs 2,700 per sq.ft, which aligns with the guideline value of R.V. Nagar 8th Street.

• R.V. Nagar 7th Street: Rs 2,700 per sq.ft (2024)
• R.V. Nagar Lane: Rs 1,900 per sq.ft (2024)
• R.V. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 5th Street (Temple Street): Rs 2,700 per sq.ft (2024)
• R.V. Nagar 5th 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 8th 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 the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers R.V. Nagar 8th Street?

The Sub Registrar Office that covers R.V. Nagar 8th Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodungaiyur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of R.V. Nagar 8th Street?

The current guideline value of R.V. Nagar 8th 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 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. This represents a 61% increase from 2017 to 2024 and an overall increase of 8% from 2012 to 2024.

What are the stamp duty and registration fees for property in R.V. Nagar 8th Street?

The stamp duty for a property valued at Rs 27,00,000 is Rs 1,89,000, and the registration fee is Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the higher of the guideline value and the sale price.

Which Sub Registrar Office covers R.V. Nagar 8th Street?

The Madhavaram Sub Registrar Office covers R.V. Nagar 8th Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for R.V. Nagar 8th Street?

R.V. Nagar 8th Street is classified as Residential Class I Type - I, which indicates its suitability for residential development.