Guideline Value for ROYAL NAGAR

Royal Nagar guideline value

The current guideline value of Royal Nagar, located in Veeranakunnam village, is Rs 100 per sq.ft, effective from 1 July 2024. This area falls under the Madurandakam SRO and is classified as Residential Class I Type - I.

How the guideline value of Royal Nagar has changed

The guideline value for Royal Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 75 per sq.ft, which increased to Rs 50 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the subsequent 2023 revision brought the value back to Rs 100 per sq.ft, a 100% increase from the 2017 figure. The current 2024 revision maintains this value at Rs 100 per sq.ft, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Veeranakunnam

In Veeranakunnam, there are 9 streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 103 per sq.ft, with a median value of Rs 103 per sq.ft. Royal Nagar's 2024 figure is below this median.

• Real Value Developer In Royal Nagar: Rs 100 per sq.ft (2024)
• Sai Sakthi Garden: Rs 103 per sq.ft (2024)
• Srinivasa Nagar: Rs 103 per sq.ft (2024)
• Srinivasa Nagar Phase-I: Rs 103 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 103 per sq.ft (2024)
• Teachers Avenue: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty is charged at 7%, resulting in Rs 7,000, while the registration fee is 2%, amounting to Rs 2,000. The total cost for these fees together is Rs 9,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Royal Nagar?

The Royal Nagar area is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor during property transactions in Veeranakunnam. It serves as a reference point for calculating the stamp duty and registration fees, which are mandatory when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps determine the official value for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Royal Nagar?

The current guideline value of Royal Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 75 per sq.ft in 2012 to Rs 50 per sq.ft in 2017, then back to Rs 100 per sq.ft in 2023 and 2024. Overall, there has been a 33% increase from 2012 to 2024.

What is the registration office for Royal Nagar?

The Madurandakam Sub Registrar Office covers Royal Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated in Royal Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 100 per sq.ft incurs a stamp duty of Rs 7,000.

What are the guideline values for other streets in Veeranakunnam?

Other streets in Veeranakunnam have guideline values ranging from Rs 100 to Rs 103 per sq.ft. For instance, Sai Sakthi Garden and Srinivasa Nagar both have a guideline value of Rs 103 per sq.ft in 2024.