Guideline Value for RESHMA GARDEN

Reshma Garden guideline value

The current guideline value of Reshma Garden is Rs 1,300 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 IV Type - I.

How the guideline value of Reshma Garden has changed

Over the years, the guideline value of Reshma Garden has undergone several revisions. The earliest recorded revision was in 2012, where the value was set at Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017. In 2023, the value increased to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it to Rs 1,300 per sq.ft.

From 2012 to 2017, the guideline value saw a significant decrease of 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The change from 2023 to 2024 reflects an 8% rise. Overall, comparing the figures from 2012 to 2024, there has been an 8% increase.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with the 2024 guideline values 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 Reshma Garden's 2024 figure below this median.

• Ring Road: Rs 5,500 per sq.ft (2024)
• Red Hills Road (Kallikuppam): Rs 2,900 per sq.ft (2024)
• R.K.Dhatchan Nagar: Rs 1,600 per sq.ft (2024)
• R.K.Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• R.K.NAGAR (Near Santhosh Nagar): Rs 2,100 per sq.ft (2024)
• Robinson Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Reshma Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Reshma Garden?

The Sub Registrar Office that covers Reshma Garden is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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 serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Reshma Garden?

The current guideline value of Reshma Garden is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then to Rs 1,200 per sq.ft in 2023, before reaching Rs 1,300 per sq.ft in 2024.

What is the land classification of Reshma Garden?

Reshma Garden is classified as Residential Class IV Type - I, indicating its designation for residential use.

What are the other streets in Korattur and their guideline values?

Other streets in Korattur include Ring Road at Rs 5,500 per sq.ft, Red Hills Road (Kallikuppam) at Rs 2,900 per sq.ft, and several others, with values ranging from Rs 1,300 to Rs 5,500 per sq.ft.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.