Guideline Value for Rainbow Nagar

Rainbow Nagar guideline value

The current guideline value of Rainbow Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This locality is situated in Mevaloorkuppam village, under the jurisdiction of the Sriperumpudur SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Rainbow Nagar has changed

Looking back at the revisions, the guideline value for Rainbow Nagar was Rs 200 per sq.ft in 2012. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 134 per sq.ft, reflecting a drop of 33%. The value further decreased to Rs 100 per sq.ft in 2023, marking a 25% decline from the previous revision.

As of the 2024 revision, the guideline value has increased to Rs 200 per sq.ft, showing a significant rise of 100% from the 2023 figure. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Mevaloorkuppam

In Mevaloorkuppam, there are 69 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 2,400 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Rainbow Nagar's 2024 figure below this median.

• Rajalakshmi Nagar: Rs 300 per sq.ft (2024)
• Raghavendra Nagar: Rs 900 per sq.ft (2024)
• Poongani Amman Nagar: Rs 200 per sq.ft (2024)
• Santhi Nagar: Rs 300 per sq.ft (2024)
• Saraswathy Nagar: Rs 300 per sq.ft (2024)
• Selliyamman Koil Street: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Rainbow Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, while the registration fee at 2% would be Rs 4,000. Together, the total cost for these fees would be Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rainbow Nagar?

The Sub Registrar Office that covers Rainbow Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. To find your specific SRO, you can find your SRO here.

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

The guideline value plays a crucial role during the registration of property transactions in Mevaloorkuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and consistency in property dealings.

When buying or selling property, the guideline value is used to calculate applicable fees such as stamp duty and registration charges. This ensures that both parties are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value of Rainbow Nagar?

The current guideline value of Rainbow Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 200 per sq.ft in 2012, decreased to Rs 134 per sq.ft in 2017, further dropped to Rs 100 per sq.ft in 2023, and then increased back to Rs 200 per sq.ft in 2024.

What is the land classification for Rainbow Nagar?

Rainbow Nagar is classified as Residential Class IV Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Rainbow Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 14,000, and the registration fee would be Rs 4,000, totaling Rs 18,000.

Which office registers properties in Rainbow Nagar?

The Sriperumpudur Sub Registrar Office is responsible for registering properties in Rainbow Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.