Guideline Value for ROYAL GARDEN

Royal Garden guideline value

The current guideline value of Royal Garden in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Royal Garden has changed

Over the years, the guideline value of Royal Garden has seen significant changes. In the 2007 revision, the value was Rs 900 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in the 2017 revision. The value then rose sharply to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects a 10% rise. Overall, from 2007 to 2024, there has been a substantial increase of 144% in the guideline value for Royal Garden.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Royal Garden.

• Roja Street (Senthamizh Nagar): Rs 2,750 per sq.ft (2024)
• Sabari Nagar: Rs 2,200 per sq.ft (2024)
• Sagadevan Street: Rs 2,200 per sq.ft (2024)
• Sai Garden: Rs 3,300 per sq.ft (2024)
• Ravi Street: Rs 1,870 per sq.ft (2024)
• Sairam Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Royal Garden?

The Sub Registrar Office that covers Royal Garden 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 Medavakkam

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. Therefore, it is essential to consider the guideline value as a reference point for calculating the financial obligations associated with property transactions.

Frequently asked questions

What is the current guideline value of Royal Garden?

The current guideline value of Royal Garden is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 144%.

What is the land classification of Royal Garden?

Royal Garden is classified as Residential Class I Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Royal Garden?

The Sub Registrar Office for Royal Garden is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property in Royal Garden?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.