Guideline Value for Rakeshsharma Nagar

Rakeshsharma Nagar guideline value

The current guideline value of Rakeshsharma Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Kovilancheri village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Residential Special Type - II.

How the guideline value of Rakeshsharma Nagar has changed

In the 2017 revision, the guideline value was Rs 670 per sq.ft. This figure increased significantly to Rs 1,000 per sq.ft in the 2023 revision, representing a change of +49%. The most recent revision in 2024 saw the guideline value rise to Rs 1,100 per sq.ft, marking a +10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by +64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kovilancheri

Kovilancheri village has 13 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,130 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, placing Rakeshsharma Nagar's 2024 figure below that median.

• Sri Bhavani Nagar Extn: Rs 2,750 per sq.ft (2024)
• Sri Bhavani Ngar: Rs 1,100 per sq.ft (2024)
• Sri Rajeswari Avenue: Rs 1,100 per sq.ft (2024)
• Sriram Nagar: Rs 1,650 per sq.ft (2024)
• Elite Crystal Gate: Rs 2,750 per sq.ft (2024)
• El Castillo: Rs 4,110 per sq.ft (2024)

Stamp duty and registration fee for property in Rakeshsharma Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rakeshsharma Nagar?

The Sub Registrar Office that covers Rakeshsharma Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kovilancheri. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the state government.

When a property is sold, the guideline value helps in establishing the minimum price for registration. This ensures transparency and helps prevent undervaluation of properties during transactions.

Frequently asked questions

What is the current guideline value of Rakeshsharma Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 670 per sq.ft in 2017 to Rs 1,000 per sq.ft in 2023, and then to Rs 1,100 per sq.ft in 2024. This represents an overall increase of +64% from 2017 to 2024.

What are the other streets in Kovilancheri with their guideline values?

Other streets in Kovilancheri include Sri Bhavani Nagar Extn at Rs 2,750 per sq.ft, Sri Bhavani Ngar and Sri Rajeswari Avenue both at Rs 1,100 per sq.ft, Sriram Nagar at Rs 1,650 per sq.ft, Elite Crystal Gate at Rs 2,750 per sq.ft, and El Castillo at Rs 4,110 per sq.ft.

What is the stamp duty rate for properties in Rakeshsharma Nagar?

The stamp duty rate for properties in Rakeshsharma Nagar is 7%. This is calculated based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Rakeshsharma Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059. You can find your SRO online for more information.