Guideline Value for Ranga Nagar

Ranga Nagar guideline value

The current guideline value of Ranga Nagar, located in Kilkattalai village under the Pallavaram SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - III land classification.

How the guideline value of Ranga Nagar has changed

The guideline value of Ranga Nagar has seen significant changes over the years. In 2003, the value was Rs 228 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking a 119% rise. The value then surged to Rs 2,000 per sq.ft in 2012, a 300% increase from the previous revision. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. The value further increased to Rs 2,000 per sq.ft in 2023, reflecting a 49% rise, and finally reached Rs 2,200 per sq.ft in 2024, a 10% increase from the previous year.

It is important to note that the register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 865%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,530 per sq.ft, placing Ranga Nagar's 2024 figure below this median.

• Ranga Nagar 1 To 3 Streets: Rs 2,200 per sq.ft (2024)
• Ranga Nagar Extn: Rs 2,200 per sq.ft (2024)
• Ranga Nagar Ymca Street: Rs 2,530 per sq.ft (2024)
• Rangaswamy Street: Rs 1,980 per sq.ft (2024)
• Ramaswamy Street: Rs 2,160 per sq.ft (2024)
• Ramasamy 1st Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Ranga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. 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 the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Ranga Nagar?

The Sub Registrar Office that covers Ranga 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 Kilkattalai

The guideline value is a crucial factor during the registration of property transactions in Kilkattalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring transparency in property dealings.

When buying or selling property, the guideline value is compared with the sale price, and the higher value is used for calculating the applicable fees. This process helps in maintaining a standardized approach to property valuation in the region.

Frequently asked questions

What is the current guideline value of Ranga Nagar?

The current guideline value of Ranga Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 228 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 865% over this period.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Ranga Nagar?

The Pallavaram Sub Registrar Office handles registrations for Ranga Nagar. It is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the guideline value determined for properties in Kilkattalai?

The guideline value is determined by the Registration Department's guideline value register and is used to calculate stamp duty and registration fees during property transactions.