Guideline Value for Sri Ragavendra Nagar

Sri Ragavendra Nagar guideline value

The current guideline value of Sri Ragavendra Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Pullilyon village under the Redhills Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Sri Ragavendra Nagar has changed

The guideline value for Sri Ragavendra Nagar has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, in 2017, it decreased to Rs 335 per sq.ft. The value then rose significantly to Rs 500 per sq.ft in 2023 and further increased to Rs 550 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the most notable changes include a 49% increase from 2017 to 2023 and a 67% increase from 2007 to 2012. The overall change from 2007 to 2024 is an increase of 83%. There are no figures available in the register for the years 2002 and 2003 for this street.

Guideline values in Pullilyon

In Pullilyon village, there are 77 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft, with a median value of Rs 700 per sq.ft. The guideline value for Sri Ragavendra Nagar is below this median.

• Sri Ranga Co-operative Society Nagar: Rs 770 per sq.ft (2024)
• Sri Renga Co-Operative Nagar: Rs 770 per sq.ft (2024)
• Sri Renga Nagar: Rs 770 per sq.ft (2024)
• Sri Murugan Nagar: Rs 735 per sq.ft (2024)
• Sri Selva Vinayagar Nagar: Rs 440 per sq.ft (2024)
• Sri Selva Vinayar Nagar Annex: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ragavendra Nagar

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ragavendra Nagar?

Sri Ragavendra Nagar falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pullilyon. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable fees. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Ragavendra Nagar?

The current guideline value of Sri Ragavendra Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, with various increases and decreases across the years.

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

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 5,50,000, the total fees would amount to Rs 49,500.

Which Sub Registrar Office covers this area?

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

What is the land classification for Sri Ragavendra Nagar?

Sri Ragavendra Nagar is classified as Residential Class II Type - I, indicating its designation for residential use within the area.