Guideline Value for RAINBOW NAGAR PHASE-1

Rainbow Nagar Phase-1 guideline value

The current guideline value of Rainbow Nagar Phase-1 is Rs 102 per sq.ft, effective from 1 July 2024. This area is located in Kurumpirai village under the Salavakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Rainbow Nagar Phase-1 has changed

The guideline value for Rainbow Nagar Phase-1 has seen several revisions over the years. In 2012, the guideline value was Rs 90 per sq.ft, which then decreased to Rs 60 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 67%, reaching Rs 100 per sq.ft. The latest revision in 2024 has raised the guideline value to Rs 102 per sq.ft, marking a 2% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 13%.

Guideline values in Kurumpirai

In Kurumpirai village, there are nine streets under the Salavakkam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 134 per sq.ft. The median value for these streets is Rs 100 per sq.ft, placing Rainbow Nagar Phase-1's 2024 figure above that median.

• Rainbow Nagar: Rs 102 per sq.ft (2024)
• Om Sakthi Sai Nagar: Rs 100 per sq.ft (2024)
• Senthamizh Nagar: Rs 100 per sq.ft (2024)
• Nehru Nagar: Rs 100 per sq.ft (2024)
• Vidhaya Nagar: Rs 134 per sq.ft (2024)
• Iswaryam Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Rainbow Nagar Phase-1

For a 1,000 sq.ft plot at the current guideline value of Rs 102 per sq.ft, the total guideline value amounts to Rs 1,02,000. The stamp duty at 7% would be Rs 7,140, and the registration fee at 2% would be Rs 2,040, bringing the total cost for these fees to Rs 9,180. It is essential to note that the 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 Rainbow Nagar Phase-1?

The Sub Registrar Office that covers Rainbow Nagar Phase-1 is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kurumpirai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Rainbow Nagar Phase-1?

The current guideline value of Rainbow Nagar Phase-1 is Rs 102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 90 per sq.ft in 2012 to Rs 60 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally to Rs 102 per sq.ft in 2024.

What is the land classification of Rainbow Nagar Phase-1?

Rainbow Nagar Phase-1 is classified as Residential Class II Type - I.

Where is the Salavakkam Sub Registrar Office located?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is stamp duty calculated for properties in Rainbow Nagar Phase-1?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,02,000, the stamp duty at 7% would be Rs 7,140.