Guideline Value for RK Nagar

RK Nagar guideline value

The current guideline value of RK Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of RK Nagar has changed

The guideline value for RK Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, which is an 8% increase from the previous year.

There are no figures available for RK Nagar in the revisions from 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 62%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for RK Nagar is below this median.

• Rizwan Road ( Ward No.18 ): Rs 3,300 per sq.ft (2024)
• R.K.Nagar Road ( Ward No.2 ): Rs 1,300 per sq.ft (2024)
• R K Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• R.M. Road Devaki Nagar Part-I: Rs 2,200 per sq.ft (2024)
• Ring Road Housing Sector (Ward-10): Rs 2,450 per sq.ft (2024)
• Ring Road Housing Sector: Rs 2,450 per sq.ft (2024)

Stamp duty and registration fee for property in RK Nagar

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, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on calculating these fees.

Which Sub Registrar Office covers RK Nagar?

The RK Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable during the property transaction process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process adheres to the established values set by the Registration Department.

Frequently asked questions

What is the current guideline value of RK Nagar?

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

How much has the guideline value changed over the years?

Since 2017, the guideline value has changed from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62%.

What are the stamp duty and registration fees for properties in RK Nagar?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which office handles property registrations in RK Nagar?

The Madhavaram Sub Registrar Office handles property registrations for RK Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is used as a basis for calculating stamp duty and registration fees during property transactions.