Guideline Value for Ranga Colony

Ranga Colony guideline value

The current guideline value of Ranga Colony, located in Noombal village under the Kunrathur SRO, is Rs 2,090 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Ranga Colony has changed

The guideline value for Ranga Colony has undergone significant changes over the years. In the 2003 revision, the value was set at Rs 44 per sq.ft. This figure saw a dramatic increase in the 2017 revision, rising to Rs 1,273 per sq.ft, which represents a substantial change of 2793%. Following this, the 2023 revision marked another increase to Rs 1,900 per sq.ft, reflecting a growth of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,090 per sq.ft, a rise of 10% from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by an impressive 4650%. It is important to note that the register has no figures for the revisions in 2002, 2007, and 2012 for this street.

Guideline values in Noombal

Noombal village has a total of 164 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, which is equal to the current guideline value for Ranga Colony.

• Ram Nagar: Rs 2,090 per sq.ft (2024)
• Ramas Encalve: Rs 2,090 per sq.ft (2024)
• R.P.K Nagar: Rs 4,290 per sq.ft (2024)
• Rajiv Nagar Selva Vinayagar Koil Street: Rs 2,090 per sq.ft (2024)
• Rajiv Nagar Main Road Ist Cross Street: Rs 2,090 per sq.ft (2024)
• Rajiv Nagar Main Road 4th Cross Street: Rs 2,090 per sq.ft (2024)

Stamp duty and registration fee for property in Ranga Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,090 per sq.ft, the total guideline value amounts to Rs 20,90,000. The stamp duty at 7% would be Rs 1,46,300, and the registration fee at 2% would be Rs 41,800, bringing the total cost for these fees to Rs 1,88,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ranga Colony?

The Sub Registrar Office that covers Ranga Colony is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Noombal. It serves as a benchmark for determining the minimum value of a property for registration purposes. The guideline value ensures that the property is registered at a fair price, reflecting the local market conditions.

When a property transaction occurs, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Ranga Colony?

The current guideline value of Ranga Colony is Rs 2,090 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2003 revision, the guideline value has increased from Rs 44 per sq.ft to Rs 2,090 per sq.ft in 2024, marking an overall increase of 4650%.

What is the land classification for Ranga Colony?

Ranga Colony is classified as Residential Special Type - I, which indicates its designated use for residential purposes.

What are the stamp duty and registration fees for property in Ranga Colony?

For a property valued at Rs 20,90,000, the stamp duty is Rs 1,46,300, and the registration fee is Rs 41,800, totaling Rs 1,88,100.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.