Guideline Value for Rainbow Nagar

Rainbow Nagar guideline value

The current guideline value of Rainbow Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Mevaloorkuppam B village under the Sriperumpudur SRO, classified as Residential Class IV Type - I.

How the guideline value of Rainbow Nagar has changed

The guideline value for Rainbow Nagar has undergone several revisions over the years. The most recent revision in 2024 maintains the value at Rs 100 per sq.ft, which is the same as the 2023 revision. Prior to that, the 2017 revision set the value at Rs 134 per sq.ft, indicating a decrease of 25% from 2017 to 2023 and an overall decrease of 25% from 2017 to 2024. The register has no figures for the years 2002, 2003, 2007, and 2012.

Guideline values in Mevaloorkuppam B

In Mevaloorkuppam B, there are 84 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 100 to Rs 6,200 per sq.ft. The median guideline value for the village is Rs 400 per sq.ft, which means Rainbow Nagar's 2024 figure is below that median.

• Rajalakshmi Nagar: Rs 300 per sq.ft (2024)
• Raghavendra Nagar: Rs 1,320 per sq.ft (2024)
• Prasad Nagar: Rs 1,320 per sq.ft (2024)
• Poongani Amman Nagar: Rs 100 per sq.ft (2024)
• Peyaridapadatha Manaipirivu: Rs 1,320 per sq.ft (2024)
• Perumal Koil Street: Rs 400 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 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, totaling Rs 9,000. It's important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

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. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Mevaloorkuppam B. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When a property is registered, the guideline value is considered to determine the applicable charges. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the necessary fees.

Frequently asked questions

What is the current guideline value of Rainbow Nagar?

The current guideline value of Rainbow 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 remained at Rs 100 per sq.ft from 2023 to 2024, but it decreased from Rs 134 per sq.ft in 2017 to Rs 100 per sq.ft in 2023, marking a 25% drop overall from 2017 to 2024.

What are the guideline values of other streets in Mevaloorkuppam B?

Other streets in Mevaloorkuppam B have varying guideline values, ranging from Rs 100 to Rs 6,200 per sq.ft. The median value for the village is Rs 400 per sq.ft.

What fees are associated with buying property in Rainbow Nagar?

When buying property in Rainbow Nagar, buyers should consider the stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rainbow Nagar?

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