Guideline Value for RIVERVIEW COLONY PARK ROAD

Riverview Colony Park Road guideline value

The current guideline value of Riverview Colony Park Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Riverview Colony Park Road has changed

The guideline value for Riverview Colony Park Road has undergone several revisions over the years. In the 2012 revision, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 3,000 per sq.ft. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% 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 10%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value across these streets is Rs 2,530 per sq.ft, making the guideline value of Rs 3,300 per sq.ft for Riverview Colony Park Road above the median.

• Riverview Colony Narmatha Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Yamuna Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Link Road: Rs 3,300 per sq.ft (2024)
• Riverview Enclave: Rs 3,300 per sq.ft (2024)
• Riverview Colony Krishna Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Kothavari Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Riverview Colony Park Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Riverview Colony Park Road?

The Sub Registrar Office that covers Riverview Colony Park Road is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Manapakkam. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When registering a property, the guideline value serves as a baseline for calculating the fees. It is essential for both buyers and sellers to understand that the guideline value can impact the overall cost of the transaction, including the stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Riverview Colony Park Road?

The current guideline value of Riverview Colony Park Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What are the other streets in Manapakkam with the same guideline value?

Other streets in Manapakkam with the same guideline value of Rs 3,300 per sq.ft include Riverview Colony Narmatha Street, Riverview Colony Yamuna Street, Riverview Colony Link Road, Riverview Enclave, Riverview Colony Krishna Street, and Riverview Colony Kothavari Street.

What is the registration fee for property transactions?

The registration fee for property transactions is typically 2% of the guideline value. For example, for a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Chennai South Joint I Sub Registrar Office at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. For more details, you can use the find your SRO link.