Guideline Value for Sri Ranga Nagar

Sri Ranga Nagar guideline value

The current guideline value of Sri Ranga Nagar is Rs 555 per sq.ft, effective from 1 July 2024. This area is located in Mathuranthagam village and falls under the Madurandakam SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Ranga Nagar has changed

The guideline value for Sri Ranga Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, it decreased to Rs 335 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 500 per sq.ft, and the latest revision in 2024 has set it at Rs 555 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 reflects an 11% rise. Overall, from 2007 to 2024, the guideline value has increased by 122%.

Guideline values in Mathuranthagam

In Mathuranthagam, there are 109 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,480 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing Sri Ranga Nagar's 2024 figure below that median.

• Sri Saibaba Nagar Extn: Rs 1,105 per sq.ft (2024)
• Sri Raghavendra Nagar Phase-III: Rs 1,110 per sq.ft (2024)
• Sri Ragavendra Nagar Phase - I: Rs 440 per sq.ft (2024)
• Sri Meenakshi Garden: Rs 1,110 per sq.ft (2024)
• Sri Kamalavalli Nagar Phase-II: Rs 555 per sq.ft (2024)
• Sri Kamalavalli Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ranga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 555 per sq.ft, the total guideline value amounts to Rs 5,55,000. The stamp duty is charged at 7%, resulting in Rs 38,850, while the registration fee is charged at 2%, amounting to Rs 11,100. Together, these fees total Rs 49,950. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ranga Nagar?

The Sub Registrar Office that covers Sri Ranga Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mathuranthagam. It determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Ranga Nagar?

The current guideline value of Sri Ranga Nagar is Rs 555 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 555 per sq.ft in 2024, with various revisions in between. Notably, there was a decrease from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017.

What is the land classification of Sri Ranga Nagar?

Sri Ranga Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Sri Ranga Nagar?

The Sub Registrar Office for Sri Ranga Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated for properties in Sri Ranga Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the guideline value of Rs 555 per sq.ft, the stamp duty would be Rs 38,850.