Guideline Value for Renuka Nagar

Renuka Nagar guideline value

The current guideline value of Renuka Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Renuka Nagar has changed

Over the years, the guideline value of Renuka Nagar has seen several revisions. The 2007 revision set the value at Rs 600 per sq.ft, which was a significant increase from previous years, as there are no figures for the revisions in 2002, 2003, and 2017. By 2012, the value rose dramatically to Rs 3,000 per sq.ft, remaining unchanged until the 2023 revision.

In 2023, the guideline value was again Rs 3,000 per sq.ft, but it increased to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% rise. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 450%.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Renuka Nagar.

• Reserve Bank Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 4th Street: Rs 3,240 per sq.ft (2024)
• R.B.Colony 1 To 5 Streets: Rs 3,300 per sq.ft (2024)
• Rayapettai Odai Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Renuka Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Renuka Nagar?

Renuka Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Zaminpallavaram. It serves as the minimum value for registration purposes, ensuring that properties are registered at a value that reflects the prevailing market conditions.

When buying or selling property, the guideline value helps determine the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures transparency and uniformity in property transactions.

Frequently asked questions

What is the current guideline value of Renuka Nagar?

The current guideline value of Renuka Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 450%.

Where can I find the registration office for Renuka Nagar?

The registration office for Renuka Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty rates applicable in Renuka Nagar?

The stamp duty rate is 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

What other streets have similar guideline values in Zaminpallavaram?

Other streets in Zaminpallavaram with similar guideline values include Reserve Bank Colony 1st, 2nd, and 3rd Streets, all at Rs 3,300 per sq.ft as of 2024.