Guideline Value for ROYAL COMPOUND

Royal Compound guideline value

The current guideline value of Royal Compound, located in Sholinganallur - 1 village under the Neelankarai SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - V.

How the guideline value of Royal Compound has changed

In the 2017 revision, the guideline value was set at Rs 2,680 per sq.ft. This figure increased significantly to Rs 4,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw a further increase to Rs 4,400 per sq.ft, which is a 10% rise from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for this village is Rs 2,200 per sq.ft, indicating that Royal Compound's 2024 figure is above this median.

• Royal Eternity: Rs 5,800 per sq.ft (2024)
• Rmd Nagar: Rs 1,700 per sq.ft (2024)
• Sabthagiri Nagar: Rs 2,200 per sq.ft (2024)
• Sadaiyandi Street (Grama Nedunchalai 30th Cross Street): Rs 2,200 per sq.ft (2024)
• Sai Baba Garden: Rs 2,800 per sq.ft (2024)
• Ravi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Compound

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Royal Compound?

The Royal Compound is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for additional information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process when buying or selling property. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value helps determine the minimum sale price on which applicable taxes are calculated. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Royal Compound?

The current guideline value of Royal Compound is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,680 per sq.ft in 2017 to Rs 4,000 per sq.ft in 2023, and then to Rs 4,400 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the land classification of Royal Compound?

Royal Compound is classified as Residential Special Type - V, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for properties in Royal Compound?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft property at the current rate would incur a total of Rs 3,96,000 in fees.

Which Sub Registrar Office covers Royal Compound?

The Neelankarai Sub Registrar Office covers Royal Compound, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.