Guideline Value for Rukmani Nagar 3rd Street

Rukmani Nagar 3rd Street guideline value

The current guideline value for Rukmani Nagar 3rd Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Rukmani Nagar 3rd Street has changed

The guideline value for Rukmani Nagar 3rd Street has seen significant changes over the years. In 2002, the guideline value was Rs 132 per sq.ft, which increased to Rs 400 per sq.ft in 2003. Following this, the value rose to Rs 600 per sq.ft in 2007, and then saw a substantial jump to Rs 2,750 per sq.ft in 2012. However, it dropped to Rs 1,842 per sq.ft in 2017 before increasing to Rs 2,750 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,050 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects an increase of 11%. The overall change from 2002 to 2024 shows a significant increase of 2,211%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with the median being Rs 3,050 per sq.ft. Rukmani Nagar 3rd Street's 2024 figure matches this median.

• Rukmani Nagar 2nd Street: Rs 3,050 per sq.ft (2024)
• Rukmani Nagar 1st 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 3rd 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 amount to Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total fees to Rs 2,74,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Rukmani Nagar 3rd Street?

The Sub Registrar Office that covers Rukmani Nagar 3rd Street is 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 a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are documented accurately.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rukmani Nagar 3rd Street?

The current guideline value of Rukmani Nagar 3rd 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 changed significantly from Rs 132 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 2,211% over this period.

What are the other streets in Maduravoyal with similar guideline values?

Other streets in Maduravoyal with a 2024 guideline value of Rs 3,050 per sq.ft include Rukmani Nagar 1st Street, Rukmani Nagar 2nd Street, Sannathi 1st Cross Street, and Sannathi 2nd Cross Street.

What is the stamp duty rate for properties in Rukmani Nagar 3rd Street?

The stamp duty rate for properties in Rukmani Nagar 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rukmani Nagar 3rd Street?

The Sub Registrar Office for Rukmani Nagar 3rd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find more details online.