Guideline Value for Rekha Nagar (Ward-03)

Rekha Nagar (Ward-03) guideline value

The current guideline value of Rekha Nagar (Ward-03) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Rekha Nagar (Ward-03) has changed

The guideline value for Rekha Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has raised it further to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is the same as the current value for Rekha Nagar.

• Rekha Nagar Extension: Rs 1,600 per sq.ft (2024)
• Rekha Nagar: Rs 1,600 per sq.ft (2024)
• Redhills Road, Vinayagapuram (Ward-29): Rs 3,300 per sq.ft (2024)
• Red Hills Road (Vinayagapuram): Rs 3,300 per sq.ft (2024)
• Red Hills Road / P.R.H. Road: Rs 3,300 per sq.ft (2024)
• Renganathan Avenue: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rekha Nagar (Ward-03)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rekha Nagar (Ward-03)?

The Sub Registrar Office that covers Rekha Nagar (Ward-03) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is recorded accurately and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Rekha Nagar (Ward-03)?

The current guideline value of Rekha Nagar (Ward-03) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the stamp duty rate for properties in Rekha Nagar?

The stamp duty for properties in Rekha Nagar is charged at a rate of 7% of the guideline value or sale price, whichever is higher.

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

The Madhavaram Sub Registrar Office covers Rekha Nagar and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and the location of the property. It is revised periodically to reflect changes in the market.