Guideline Value for Real Value Nagar

Real Value Nagar guideline value

The current guideline value of Real Value Nagar is Rs 350 per sq.ft, effective from 1 July 2024. This area is located in Somangalam village, under the Sriperumpudur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Real Value Nagar has changed

Over the years, the guideline value of Real Value Nagar has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 185 per sq.ft. This increased to Rs 350 per sq.ft in 2012, remained the same in 2023, and again in 2024. The 2017 revision saw a significant increase to Rs 234 per sq.ft, reflecting a 50% rise from the previous figure. Notably, the revisions for 2002 and 2003 have no figures recorded for this street.

From 2007 to 2012, there was an increase of 89%, followed by a decrease of 33% from 2012 to 2017. The guideline value remained stable from 2017 to 2024, showing no change. Overall, from 2007 to 2024, the guideline value has increased by 89%.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median value is Rs 350 per sq.ft, which aligns with the current guideline value of Real Value Nagar.

• Real Value Nagar Phase III: Rs 350 per sq.ft (2024)
• Rkp Residency: Rs 700 per sq.ft (2024)
• Ramachandra Nagar: Rs 350 per sq.ft (2024)
• Raisa Nagar Annex: Rs 150 per sq.ft (2024)
• Raisa Nagar: Rs 250 per sq.ft (2024)
• Santhi Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Real Value Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 350 per sq.ft, the total guideline value amounts to Rs 3,50,000. The stamp duty, charged at 7%, would be Rs 24,500, and the registration fee at 2% would be Rs 7,000. Together, the total fees would be Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Real Value Nagar?

The Sub Registrar Office that covers Real Value Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Somangalam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which ensures that the registration process is transparent and standardized.

Frequently asked questions

What is the current guideline value of Real Value Nagar?

The current guideline value of Real Value Nagar is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 185 per sq.ft in 2007 to Rs 350 per sq.ft in 2012, remained at Rs 350 per sq.ft in 2023 and 2024, and saw a rise to Rs 234 per sq.ft in 2017.

What is the land classification for Real Value Nagar?

Real Value Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Real Value Nagar?

The Sub Registrar Office for Real Value Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Somangalam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 at 7%.