Guideline Value for Rose Nagar

Rose Nagar guideline value

The current guideline value of Rose Nagar, located in Kovilambakkam village under the Pallavaram SRO, is Rs 2,970 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Rose Nagar has changed

The guideline value for Rose Nagar has seen several revisions over the years. In 2002, the value was Rs 79 per sq.ft, which increased dramatically to Rs 99 per sq.ft in 2003, marking a 25% rise. The value continued to surge, reaching Rs 1,783 per sq.ft in 2007, a staggering increase of 1,701%. Following this, the value rose to Rs 2,700 per sq.ft in 2012, reflecting a 51% increase from the previous revision. However, it then dropped to Rs 1,809 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 2,700 per sq.ft, which was a 49% rise. The most recent revision in 2024 set the value at Rs 2,970 per sq.ft, representing a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 3,659%.

Guideline values in Kovilambakkam

Kovilambakkam village has 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Rose Nagar is above this median.

• Rose Nagar 1 & 2 Main Road: Rs 2,970 per sq.ft (2024)
• Rajiv Nagar: Rs 2,970 per sq.ft (2024)
• Rajeswari Nagar: Rs 1,320 per sq.ft (2024)
• Sathiya Nagar: Rs 2,160 per sq.ft (2024)
• Self Help Industrial: Rs 2,750 per sq.ft (2024)
• PMD Nagar: Rs 4,070 per sq.ft (2024)

Stamp duty and registration fee for property in Rose Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, while the registration fee at 2% would be Rs 59,400. Together, these fees total Rs 2,67,300. 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 further calculations.

Which Sub Registrar Office covers Rose Nagar?

The Sub Registrar Office that covers Rose Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Kovilambakkam. It is the basis for calculating stamp duty and registration fees, which are mandatory for any property transfer. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Rose Nagar?

The current guideline value of Rose Nagar is Rs 2,970 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 79 per sq.ft in 2002 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 3,659%.

What are the stamp duty and registration fees for property in Rose Nagar?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which Sub Registrar Office covers Rose Nagar?

The Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone, covers Rose Nagar.

What is the land classification for Rose Nagar?

The land classification for Rose Nagar is Commercial Class I Type - II, indicating its suitability for commercial activities.