Guideline Value for Rich Garden

Rich Garden guideline value

The current guideline value of Rich Garden in Alamathi village is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Rich Garden has changed

The guideline value for Rich Garden has seen several revisions over the years. In 2007, the guideline value was Rs 200 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft. The 2017 revision marked a substantial increase to Rs 500 per sq.ft in 2023, and then it rose again to Rs 550 per sq.ft in 2024.

Overall, the guideline value has increased by 175% from 2007 to 2024. The changes between revisions include a 150% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft, with a median value of Rs 550 per sq.ft. Rich Garden's 2024 figure aligns with this median.

• Sakthi Garden: Rs 770 per sq.ft (2024)
• Sakthi Nagar: Rs 550 per sq.ft (2024)
• School Street: Rs 990 per sq.ft (2024)
• Ragavendra Modern City Annexe: Rs 550 per sq.ft (2024)
• Selvaraj Nagar: Rs 550 per sq.ft (2024)
• Sivanthi Athithanar Road: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Rich Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty is charged at 7%, which totals Rs 38,500, and the registration fee is charged at 2%, amounting to Rs 11,000. Together, the total cost for these fees is Rs 49,500. 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 further assistance.

Which Sub Registrar Office covers Rich Garden?

The Sub Registrar Office that covers Rich Garden is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions in Alamathi. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is considered to ensure that the correct fees are calculated based on the property's value. Buyers should be aware that the fees are charged on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Rich Garden?

The current guideline value of Rich Garden is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, reflecting a 175% increase overall.

What are the stamp duty and registration fees for property in Rich Garden?

For a plot of 1,000 sq.ft at the current guideline value, the total stamp duty is Rs 38,500 and the registration fee is Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office covers Rich Garden?

The Redhills Sub Registrar Office covers Rich Garden, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Rich Garden?

Rich Garden is classified as Residential Class II Type - I, indicating its designation for residential use.