Guideline Value for Rathna Nagar

Rathna Nagar guideline value

The current guideline value of Rathna Nagar, located in Mylapore Part 2 village, is Rs 14,300 per sq.ft, effective from 1 July 2024. This area falls under the Chennai Central Joint I SRO and is classified as Residential Special Type - IV.

How the guideline value of Rathna Nagar has changed

The guideline value for Rathna Nagar has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. However, in the 2023 revision, the guideline value was set at Rs 13,000 per sq.ft. The most recent revision in 2024 saw an increase of 10%, bringing the value to Rs 14,300 per sq.ft.

This change reflects a significant adjustment in the guideline value, moving from Rs 13,000 in 2023 to Rs 14,300 in 2024. The increase indicates a growing valuation in this area, aligning with the broader trends observed in the Mylapore Part 2 village.

Guideline values in Mylapore Part 2

In Mylapore Part 2, a total of 332 streets fall under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. Rathna Nagar's 2024 figure of Rs 14,300 per sq.ft is above the median value of Rs 8,800 per sq.ft for the area.

• Rathnam Street: Rs 8,700 per sq.ft (2024)
• Rathna Nagar 1st Street: Rs 14,300 per sq.ft (2024)
• Rathnam2st Street: Rs 8,700 per sq.ft (2024)
• Rathna Nagar 2st Street: Rs 14,300 per sq.ft (2024)
• Rathnam 1st Street: Rs 8,700 per sq.ft (2024)
• Rathna Nagar Main Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rathna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, totaling Rs 12,87,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rathna Nagar?

The Sub Registrar Office that covers Rathna Nagar is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor during property transactions in Mylapore Part 2, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value serves as a baseline for taxation purposes. This means that the stamp duty is calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rathna Nagar?

The current guideline value of Rathna Nagar is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, reflecting a 10% increase. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the classification of land in Rathna Nagar?

The land in Rathna Nagar is classified as Residential Special Type - IV, indicating its specific use and regulations under local zoning laws.

What are the stamp duty rates applicable in Rathna Nagar?

The stamp duty rate for properties in Rathna Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Rathna Nagar is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.