Guideline Value for Royal Nagar

Royal Nagar guideline value

The current guideline value of Royal Nagar, located in Kovur village under the Kunrathur SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Royal Nagar has changed

The guideline value of Royal Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, set at Rs 250 per sq.ft. This value increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. Following this, the value surged to Rs 1,500 per sq.ft in 2023, and further increased to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

Between 2017 and 2023, the guideline value rose by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been an impressive increase of 560%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Kovur

In Kovur village, there are 91 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, which is the same as the current guideline value for Royal Nagar.

• Rv Nagar: Rs 1,650 per sq.ft (2024)
• Sankar Nagar: Rs 1,650 per sq.ft (2024)
• Rajiv Gandhi Nagar: Rs 1,320 per sq.ft (2024)
• Selva Ganapathy Nagar: Rs 1,650 per sq.ft (2024)
• RadhaBai Nagar: Rs 1,650 per sq.ft (2024)
• Shanthi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total fees would be Rs 1,48,500. It is important to note that the 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 Royal Nagar?

The Sub Registrar Office that covers Royal Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Kovur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property. Buyers and sellers must ensure that the transaction value meets or exceeds the guideline value to comply with legal regulations.

During the registration process, the guideline value is referenced to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as per the established guidelines.

Frequently asked questions

What is the current guideline value of Royal Nagar?

The current guideline value of Royal Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 250 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, representing a total increase of 560% over the years.

What is the land classification for Royal Nagar?

Royal Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Royal Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 16,50,000, the total fees would amount to Rs 1,48,500.

Where is the Sub Registrar Office for Royal Nagar located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069, and it handles registrations for Royal Nagar.