Guideline Value for Rathna Nagar

Rathna Nagar guideline value

The current guideline value of Rathna Nagar, located in Virugambakkam village under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - II.

How the guideline value of Rathna Nagar has changed

Over the years, the guideline value of Rathna Nagar has seen several revisions. The earliest recorded figure is from 2002, with a guideline value of Rs 579 per sq.ft. This increased to Rs 641 per sq.ft in 2003, marking an 11% rise. In 2007, the value jumped significantly to Rs 750 per sq.ft, a 17% increase. The next revision in 2012 saw the value rise to Rs 3,500 per sq.ft, which was a substantial increase of 367%. However, in 2017, it decreased to Rs 2,345 per sq.ft, reflecting a decline of 33%. The 2023 revision set the value at Rs 3,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 3,850 per sq.ft, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 565%. There are no figures available for the revisions in years not listed for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Rathna Nagar's current guideline value is below this median.

• Rathna Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Reddy Street: Rs 7,700 per sq.ft (2024)
• R.K.Sanmugam Road: Rs 8,800 per sq.ft (2024)
• Rukmanai Ammal Street: Rs 3,300 per sq.ft (2024)
• Ramasamy Road: Rs 8,800 per sq.ft (2024)
• Saibaba Colony 1st Cross Street: Rs 6,600 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives due revenue from property transactions.

When buying or selling property, the guideline value helps establish a fair basis for the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Rathna Nagar?

The current guideline value of Rathna Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 579 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 565% over this period.

What is the land classification for Rathna Nagar?

The land classification for Rathna Nagar is Residential Class III Type - II, indicating its suitability for residential development.

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

The Sub Registrar Office for Rathna Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated in Rathna Nagar?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a property valued at Rs 38,50,000, the total fees would amount to Rs 3,46,500.