Guideline Value for Rane Nagar

Rane Nagar guideline value

The current guideline value of Rane Nagar is Rs 1,960 per sq.ft, effective from 1 July 2024. This area is located in Nanmangalam village and falls under the Pallavaram Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - I.

How the guideline value of Rane Nagar has changed

The guideline value of Rane Nagar has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2012. However, it dropped to Rs 1,206 per sq.ft in 2017. The value then rose to Rs 1,800 per sq.ft in 2023 before reaching the current figure of Rs 1,960 per sq.ft in 2024. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

From 2007 to 2012, the guideline value increased by 500%. However, it decreased by 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023 and increased by 9% from 2023 to 2024. Overall, the guideline value has risen by 553% from 2007 to 2024.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft as of 2024. The median value for these streets is Rs 2,750 per sq.ft, placing Rane Nagar's 2024 figure below this median.

• Ramanujar Garden: Rs 2,310 per sq.ft (2024)
• Rani Nagar: Rs 1,960 per sq.ft (2024)
• Ramakrishnan Nagar: Rs 3,300 per sq.ft (2024)
• Rajiv Nagar 1 To 3 Street: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi 1 To 7 Streets: Rs 3,300 per sq.ft (2024)
• Rose Garden: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Rane Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value amounts to Rs 19,60,000. The stamp duty at 7% would be Rs 1,37,200, and the registration fee at 2% would be Rs 39,200, bringing the total fees to Rs 1,76,400. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rane Nagar?

The Sub Registrar Office that covers Rane Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Nanmangalam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in establishing a fair basis for the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Rane Nagar?

The current guideline value of Rane Nagar is Rs 1,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,960 per sq.ft in 2024, reflecting an overall increase of 553% over this period.

What is the land classification for Rane Nagar?

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

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Rane Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 19,60,000 would incur a stamp duty of Rs 1,37,200 at 7%.