Guideline Value for R.V. Nagar Lane

R.V. Nagar Lane guideline value

The current guideline value of R.V. Nagar Lane is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class III Type - I.

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

The guideline value for R.V. Nagar Lane has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023, and finally rose to Rs 1,900 per sq.ft in 2024, marking a 6% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 6% increase in the guideline value. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

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. The median guideline value for these streets is Rs 2,700 per sq.ft, placing R.V. Nagar Lane's 2024 figure below that median.

• R.V. Nagar 8th Street: Rs 2,700 per sq.ft (2024)
• R.V. Nagar 7th Street: Rs 2,700 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 Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. 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.V. Nagar Lane?

The Sub Registrar Office that covers R.V. Nagar Lane is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of R.V. Nagar Lane is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What are the other streets in Kodungaiyur with their guideline values?

Other streets in Kodungaiyur include R.V. Nagar 8th Street, 7th Street, 6th Street, 5th Street (Temple Street), 5th Street, and 4th Street, all with a guideline value of Rs 2,700 per sq.ft in 2024.

What is the stamp duty for properties in R.V. Nagar Lane?

The stamp duty for properties in R.V. Nagar Lane is 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 1,33,000.

Which office handles the registration for R.V. Nagar Lane?

The Madhavaram Sub Registrar Office handles the registration for R.V. Nagar Lane, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.