Guideline Value for RAJAJI AVENUE

Rajaji Avenue guideline value

The current guideline value of Rajaji Avenue in Pallikaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Rajaji Avenue has changed

The guideline value for Rajaji Avenue has seen several revisions over the years. In 2002, the value was Rs 104 per sq.ft, which increased to Rs 123 per sq.ft in 2003, marking an 18% rise. The value continued to rise significantly, reaching Rs 400 per sq.ft in 2007, a 225% increase from the previous revision. In 2012, the value was Rs 1,200 per sq.ft, which represented a 200% increase from 2007. However, this value decreased by 33% to Rs 804 per sq.ft in 2017.

From 2017 to 2023, the guideline value increased by 49% to Rs 1,200 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft as of 2024. The median value for these streets is Rs 1,650 per sq.ft, placing Rajaji Avenue's 2024 figure below this median.

• Raghavendra Nagar: Rs 1,320 per sq.ft (2024)
• RAJALAKSHMI 2nd MAIN ROAD: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 1st CROSS ST: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 1st Street: Rs 1,320 per sq.ft (2024)
• RAJALAKSHMI NAGAR 2nd CROSS STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. 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 Rajaji Avenue?

The Sub Registrar Office that covers Rajaji Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Pallikaranai, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it influences the stamp duty and registration fees applicable to the transaction.

During the registration process, the guideline value is used to calculate the applicable duties. It is essential for both parties in a transaction to be aware of the current guideline value to ensure compliance with local regulations and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Rajaji Avenue?

The current guideline value of Rajaji Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 104 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1169% since 2002.

What is the land classification of Rajaji Avenue?

Rajaji Avenue is classified as Residential Class IV Type - II, indicating its suitability for residential development.

Where can I find the registration office for Rajaji Avenue?

The registration office for Rajaji Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Rajaji Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 at a rate of 7%.