Guideline Value for Ranga Nagar

Ranga Nagar guideline value

The current guideline value of Ranga Nagar, located in Thiruneermalai village under the Pammal SRO, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Ranga Nagar has changed

The guideline value for Ranga Nagar has seen significant changes over the years. The earliest recorded revision was in 2003, with a value of Rs 238 per sq.ft. This figure increased to Rs 445 per sq.ft in 2007, representing an increase of 87%. The value further rose to Rs 1,474 per sq.ft in 2017, marking a substantial increase of 231%. The most recent revision in 2023 set the value at Rs 2,200 per sq.ft, which was a 49% increase from 2017. The current guideline value, effective from 1 July 2024, is Rs 2,420 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 917%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, which is equal to the guideline value of Ranga Nagar.

• Ranga Nagar 1st Cross Street: Rs 2,420 per sq.ft (2024)
• Ranga Nagar 1st Main Road: Rs 2,420 per sq.ft (2024)
• Ranga Nagar 1st Street: Rs 2,420 per sq.ft (2024)
• Ranga Nagar 2nd Cross Street: Rs 2,420 per sq.ft (2024)
• Ranga Nagar 2nd Main Road: Rs 2,420 per sq.ft (2024)
• Ranga Nagar 2nd Street: Rs 2,420 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 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, totaling Rs 2,17,800. 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 details.

Which Sub Registrar Office covers Ranga Nagar?

The Sub Registrar Office that covers Ranga Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role when buying or selling property in Thiruneermalai. It is the basis for calculating the stamp duty and registration fees, which are mandatory during the registration process. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties. This ensures that the appropriate fees are collected based on the value of the transaction.

Frequently asked questions

What is the current guideline value of Ranga Nagar?

The current guideline value of Ranga Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 238 per sq.ft in 2003 to Rs 2,420 per sq.ft in 2024, marking an overall increase of 917% over this period.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 2,17,800.

Which Sub Registrar Office covers Ranga Nagar?

The Pammal Sub Registrar Office covers Ranga Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of Ranga Nagar?

Ranga Nagar is classified as Residential Class I Type - I, indicating its designation for residential use.