Guideline Value for RIVERVIEW COLONY

Riverview Colony guideline value

The current guideline value of Riverview Colony, located in Pallikaranai village, is Rs 2,750 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Special Type - I.

How the guideline value of Riverview Colony has changed

The guideline value for Riverview Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and further rose to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. The change from the 2012 figure to the 2017 figure represented a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value is Rs 1,650 per sq.ft, placing Riverview Colony's 2024 figure above this median.

• Sabari Nagar: Rs 1,320 per sq.ft (2024)
• Sabari Nagar/ Shanthi Nagar: Rs 2,750 per sq.ft (2024)
• Ranganathan Puram: Rs 1,650 per sq.ft (2024)
• Saibaba Colony: Rs 1,110 per sq.ft (2024)
• Sai Balaji Nagar (All Parts): Rs 1,650 per sq.ft (2024)
• Sai Balaji Nagar Extn.: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Riverview Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is 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 Riverview Colony?

The Sub Registrar Office that covers Riverview Colony 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 Pallikaranai

The guideline value is a crucial factor when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the property transaction process. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable taxes and fees. This ensures that the transaction is recorded accurately and reflects the value of the property as determined by the local authority.

Frequently asked questions

What is the current guideline value of Riverview Colony?

The current guideline value of Riverview Colony is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Riverview Colony?

Riverview Colony is classified as Residential Special Type - I under the local land classification system.

What are the stamp duty and registration fees for properties in Riverview Colony?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total of Rs 2,47,500 in fees.

Which Sub Registrar Office covers Riverview Colony?

The Chennai South Joint I Sub Registrar Office covers Riverview Colony, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.