Guideline Value for RANGANATHAN NAGAR

Ranganathan Nagar guideline value

The current guideline value of Ranganathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Ranganathan Nagar has changed

Over the years, the guideline value of Ranganathan Nagar has seen several revisions. The earliest recorded figure is from 2002, set at Rs 200 per sq.ft. This value increased significantly to Rs 685 per sq.ft in 2007, marking a 243% rise. The subsequent revision in 2012 maintained the value at Rs 1,500 per sq.ft, which remained unchanged until 2023. In 2023, the guideline value was revised again to Rs 1,500 per sq.ft, showing no change from the previous revision.

The most recent revision in 2024 saw the guideline value increase to Rs 1,600 per sq.ft, reflecting a 7% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has risen by 700%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values in 2024 ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Ranganathan Nagar's 2024 guideline value below this median.

• Rathinam Nagar: Rs 1,600 per sq.ft (2024)
• Red Hills Road (Kallikuppam): Rs 2,900 per sq.ft (2024)
• Reshma Garden: Rs 1,300 per sq.ft (2024)
• Ramasamy Nagar Extension: Rs 2,100 per sq.ft (2024)
• Ramasamy Nagar: Rs 2,100 per sq.ft (2024)
• Ring Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Ranganathan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total charges Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ranganathan Nagar?

The Sub Registrar Office that covers Ranganathan Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Korattur. It is used to determine the stamp duty and registration fees that buyers must pay during the registration of property transactions. The higher of the guideline value or the sale price is considered for calculating these charges.

When selling property, the guideline value helps establish a baseline for the transaction price, ensuring that the property is registered at a value recognized by the government. This process helps maintain transparency and standardization in property dealings.

Frequently asked questions

What is the current guideline value of Ranganathan Nagar?

The current guideline value of Ranganathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 700% over this period.

What are the stamp duty and registration fees in Ranganathan Nagar?

For a property valued at Rs 16,00,000, the stamp duty is Rs 1,12,000 and the registration fee is Rs 32,000, making the total fees Rs 1,44,000.

Which office handles property registrations for Ranganathan Nagar?

The Villivakkam Sub Registrar Office handles property registrations for Ranganathan Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Ranganathan Nagar?

Ranganathan Nagar is classified as Residential Class III Type - III, which indicates its zoning for residential development.