Guideline Value for R.V. Nagar

R.V. Nagar guideline value

The current guideline value of R.V. Nagar, located in Selavoyal village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

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

The guideline value of R.V. Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which changed to Rs 1,340 per sq.ft in 2017, marking a decrease of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of R.V. Nagar.

• Sai Nagar: Rs 3,300 per sq.ft (2024)
• Saiwari Garden: Rs 3,300 per sq.ft (2024)
• Samdhariya Nagar: Rs 2,200 per sq.ft (2024)
• Samy Thottam Govindasamy Street: Rs 2,200 per sq.ft (2024)
• Sankarlingam Nagar: Rs 2,200 per sq.ft (2024)
• Sannathi Street: Rs 1,900 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 rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please 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?

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

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

The guideline value is a crucial factor when registering property transactions in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it can significantly impact the overall costs associated with the transaction. Buyers and sellers should ensure they are informed about the latest figures to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of R.V. Nagar is Rs 2,200 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 2,200 per sq.ft in 2024, with various increases and decreases in between, including a significant rise of 49% from 2017 to 2023.

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

Other streets in Selavoyal include Sai Nagar and Saiwari Garden at Rs 3,300 per sq.ft, and several streets at Rs 2,200 per sq.ft, including Samdhariya Nagar, Samy Thottam Govindasamy Street, and Sankarlingam Nagar.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a plot valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which office should I contact for property registration in R.V. Nagar?

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