Guideline Value for ROYAL ASSETS

Royal Assets guideline value

The current guideline value of Royal Assets in Melpakkam village, under the Kunrathur SRO, is Rs 2,530 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Special Type - IV.

How the guideline value of Royal Assets has changed

Over the years, the guideline value for Royal Assets has seen several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,300 per sq.ft, which was an increase from the previous revision. The 2024 revision shows a further increase of 10%, bringing the current value to Rs 2,530 per sq.ft.

This change from 2023 to 2024 reflects a 10% rise in the guideline value. The 2024 figure of Rs 2,530 per sq.ft is notably above the median value of Rs 1,540 per sq.ft for other streets in Melpakkam.

Guideline values in Melpakkam

In Melpakkam, there are 17 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,105 per sq.ft. The median value among these streets is Rs 1,540 per sq.ft, placing Royal Assets above this median.

• Sambanthan Avenue: Rs 1,540 per sq.ft (2024)
• Perumal Koil Street: Rs 440 per sq.ft (2024)
• Nakshatra Garden: Rs 4,105 per sq.ft (2024)
• Vgn Amity: Rs 1,540 per sq.ft (2024)
• Vgn Windsor Park Phase I: Rs 1,210 per sq.ft (2024)
• Vgn Windsor Park Phase II: Rs 1,210 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Assets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty charged at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, leading to a total of Rs 2,27,700. It is important to note that 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 Royal Assets?

The Royal Assets property is covered by the Kunrathur Sub Registrar Office located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Melpakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the higher value between the guideline value and the sale price is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Royal Assets?

The current guideline value of Royal Assets is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,530 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Royal Assets?

The land classification for Royal Assets is Residential Special Type - IV, indicating its designated use within the area.

What are the stamp duty and registration fees for Royal Assets?

For a 1,000 sq.ft plot, the guideline value is Rs 25,30,000. The stamp duty at 7% amounts to Rs 1,77,100, and the registration fee at 2% is Rs 50,600, totaling Rs 2,27,700.

Which Sub Registrar Office covers the registration for Royal Assets?

The Kunrathur Sub Registrar Office covers Royal Assets, located at No.59, Road Street, Kundrathur, Chennai -600 069.