Guideline Value for RAINBOW NAGAR

Rainbow Nagar guideline value

The current guideline value of Rainbow Nagar, located in Kurumpirai village under the Salavakkam SRO, is Rs 102 per sq.ft. This value is effective from the 2024 revision, which came into effect on 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Rainbow Nagar has changed

The guideline value for Rainbow Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 90 per sq.ft, which then decreased to Rs 60 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 100 per sq.ft in 2023, and the most recent revision in 2024 has set the value at Rs 102 per sq.ft. The register has no figures for this street in 2002, 2003, and 2007.

In terms of percentage changes, the value increased by 67% from 2017 to 2023, and by 2% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 13%. This shows a fluctuating trend in the guideline value over the years.

Guideline values in Kurumpirai

In Kurumpirai village, there are 9 streets under the Salavakkam SRO that have a 2024 guideline value ranging from Rs 100 to Rs 134 per sq.ft, with a median value of Rs 100 per sq.ft. Rainbow Nagar's 2024 figure of Rs 102 per sq.ft is above this median.

• Rainbow Nagar Phase-1: 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

For a 1,000 sq.ft plot in Rainbow Nagar at the current guideline value of Rs 102 per sq.ft, the total guideline value would be Rs 1,02,000. The stamp duty at 7% would amount to Rs 7,140, and the registration fee at 2% would be Rs 2,040, bringing the total to Rs 9,180. It is important 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 details.

Which Sub Registrar Office covers Rainbow Nagar?

The Sub Registrar Office that covers Rainbow Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kurumpirai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Rainbow Nagar?

The current guideline value of Rainbow Nagar is Rs 102 per sq.ft, effective from the 2024 revision that started on 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 for Rainbow Nagar?

The land classification for Rainbow Nagar is Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Rainbow Nagar?

For a 1,000 sq.ft plot in Rainbow Nagar, the total guideline value would be Rs 1,02,000. The stamp duty would be Rs 7,140 and the registration fee would be Rs 2,040, totaling Rs 9,180.

Which office handles the registration for Rainbow Nagar?

The Salavakkam Sub Registrar Office handles the registration for Rainbow Nagar, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.