Guideline Value for Rekha Nagar Extension

Rekha Nagar Extension guideline value

The current guideline value of Rekha Nagar Extension is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is registered with the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Rekha Nagar Extension has changed

The guideline value for Rekha Nagar Extension has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from Rs 1,005 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has further increased it to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

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

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values 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 equal to the current value of Rekha Nagar Extension.

• Rekha Nagar: Rs 1,600 per sq.ft (2024)
• Rekha Nagar (Ward-03): 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 Extension

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the 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, totaling Rs 1,44,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rekha Nagar Extension?

The Rekha Nagar Extension area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When you buy or sell property, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, which ensures that both parties are treated fairly during the transaction.

Frequently asked questions

What is the current guideline value of Rekha Nagar Extension?

The current guideline value of Rekha Nagar Extension 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 2023 to Rs 1,600 per sq.ft in 2024, a 7% increase. It was Rs 1,005 per sq.ft in 2017, which shows a significant increase of 49% by 2023.

What is the land classification of Rekha Nagar Extension?

Rekha Nagar Extension is classified as Residential Class II Type - I. This classification indicates the type of development permissible in this area.

What are the stamp duty rates for properties in Rekha Nagar Extension?

The stamp duty rate for properties in Rekha Nagar Extension is 7%. This is applied to the higher of the guideline value or the sale price during registration.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.