Guideline Value for RING ROAD

Ring Road guideline value

The current guideline value of Ring Road in Korattur village, under the Villivakkam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Ring Road has changed

The guideline value for Ring Road has seen several revisions over the years. Starting from Rs 350 per sq.ft in 2002, it increased significantly to Rs 800 per sq.ft in 2007. The value then surged to Rs 5,000 per sq.ft in 2012, but experienced a decrease to Rs 3,350 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 5,000 per sq.ft, and the latest revision in 2024 set it at Rs 5,500 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2007, the value increased by 129%. However, from 2012 to 2017, there was a decrease of 33%. The most significant increase occurred from 2017 to 2023, with a rise of 49%. Overall, from 2002 to 2024, the guideline value has increased by 1471%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Ring Road's 2024 figure above this median.

• Reshma Garden: Rs 1,300 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)
• Red Hills Road (Kallikuppam): Rs 2,900 per sq.ft (2024)
• Robinson Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ring Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty, charged at 7%, would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, these fees would total Rs 4,95,000. 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ring Road?

The Sub Registrar Office that covers Ring Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

When a property transaction occurs, the guideline value is assessed, and the fees are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Ring Road in Korattur?

The current guideline value for Ring Road in Korattur is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 350 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Ring Road?

The land classification for Ring Road is Residential Special Type - II, indicating its intended use for residential development.

Where can I find the registration office for Ring Road?

The registration office for Ring Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.