Guideline Value for R.V. Nagar

R.V. Nagar guideline value

The current guideline value of R.V. Nagar, located in Konnur village under the Konnur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

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

The guideline value for R.V. Nagar has undergone several revisions over the years. The earliest recorded value in 2002 was Rs 203 per sq.ft. This increased to Rs 220 per sq.ft in 2003, marking an 8% rise. In 2007, the value saw a significant jump to Rs 700 per sq.ft, a change of 218%. The value then increased to Rs 5,000 per sq.ft in 2012, reflecting a 614% rise. However, it dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The value was revised again in 2023 to Rs 5,000 per sq.ft, followed by the latest revision in 2024, which set the guideline value at Rs 5,500 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2,609%. The register has no figures for the years not mentioned in the list.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. R.V. Nagar's 2024 figure of Rs 5,500 per sq.ft is above this median.

• Redhills Road Third Street: Rs 3,800 per sq.ft (2024)
• Redhills Road Second Street: Rs 3,800 per sq.ft (2024)
• Redhills Road other Parts: Rs 3,800 per sq.ft (2024)
• Redhills Road ( Near Railway Gate) Door No.58 to 85 and 168 to 195: Rs 3,800 per sq.ft (2024)
• Redhills Road Fourth Street: Rs 3,800 per sq.ft (2024)
• Redhills Road First Street: Rs 3,800 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers R.V. Nagar?

The Sub Registrar Office that covers R.V. Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for additional details.

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

The guideline value plays a crucial role in property transactions in Konnur. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standard value set by the authorities.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial aspects of property transactions. Proper understanding of these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

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

The current guideline value of R.V. Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 203 per sq.ft to Rs 5,500 per sq.ft in 2024, representing an overall increase of 2,609%.

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

R.V. Nagar falls under the Residential Class I Type - I land classification.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated in R.V. Nagar?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a plot of 1,000 sq.ft at the current guideline value, the total fees would amount to Rs 4,95,000.