Guideline Value for Rukmani Nagar 2nd Street

Rukmani Nagar 2nd Street guideline value

The current guideline value of Rukmani Nagar 2nd Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Rukmani Nagar 2nd Street has changed

The guideline value for Rukmani Nagar 2nd Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 132 per sq.ft. This increased to Rs 400 per sq.ft in 2003, marking a significant rise of 203%. The value then continued to grow, reaching Rs 600 per sq.ft in 2007, which was a 50% increase from the previous revision. The 2012 revision saw the value remain at Rs 2,750 per sq.ft, but it dropped to Rs 1,842 per sq.ft in 2017, a decrease of 33%.

In the subsequent revisions, the guideline value saw a substantial increase. The 2023 revision set the value at Rs 2,750 per sq.ft, and the latest 2024 revision raised it to Rs 3,050 per sq.ft, reflecting an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 2,211%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value among these streets is Rs 3,050 per sq.ft, which is equal to the guideline value of Rukmani Nagar 2nd Street.

• Rukmani Nagar 1st Street: Rs 3,050 per sq.ft (2024)
• Rukmani Nagar 3rd Street: Rs 3,050 per sq.ft (2024)
• Sammanda Naicker Road: Rs 2,750 per sq.ft (2024)
• Sankar Nagar: Rs 2,750 per sq.ft (2024)
• Sannathi 1st Cross Street: Rs 3,050 per sq.ft (2024)
• Sannathi 2nd Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in Rukmani Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value would be Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, making the total fees Rs 2,74,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rukmani Nagar 2nd Street?

The Rukmani Nagar 2nd Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is an essential factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is considered to ensure compliance with the legal requirements. Buyers and sellers should be aware of the current guideline value to accurately assess the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Rukmani Nagar 2nd Street?

The current guideline value of Rukmani Nagar 2nd Street is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 132 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, marking an overall increase of 2,211% over this period.

What are the other streets with the same guideline value in Maduravoyal?

Other streets in Maduravoyal with the same guideline value of Rs 3,050 per sq.ft include Rukmani Nagar 1st Street, Rukmani Nagar 3rd Street, Sannathi 1st Cross Street, and Sannathi 2nd Cross Street.

How is the stamp duty calculated for properties in Rukmani Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,13,500.

Where can I find the Sub Registrar Office for Rukmani Nagar 2nd Street?

The Sub Registrar Office covering Rukmani Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.