Guideline Value for RAJALAKSHMI GARDEN

Rajalakshmi Garden guideline value

The current guideline value of Rajalakshmi Garden, located in Chettiyaragaram village, is Rs 1,650 per sq.ft. This value is effective from the 2024 revision, which falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Rajalakshmi Garden has changed

Over the years, the guideline value of Rajalakshmi Garden has seen several revisions. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure remained until 2017, when it decreased to Rs 1,005 per sq.ft. The 2023 revision saw a significant increase to Rs 1,500 per sq.ft, followed by the current rate of Rs 1,650 per sq.ft effective from July 1, 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase in the guideline value.

Guideline values in Chettiyaragaram

In Chettiyaragaram, there are 22 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,210 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Rajalakshmi Garden's 2024 figure below this median.

• Porur Garden Phase-III: Rs 4,400 per sq.ft (2024)
• School Street: Rs 1,650 per sq.ft (2024)
• Singara Nagiker Street: Rs 1,650 per sq.ft (2024)
• Sivarama Iyar Street: Rs 1,650 per sq.ft (2024)
• S.K.Nagar: Rs 2,420 per sq.ft (2024)
• S.K.Nagar Main Road: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that 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 Rajalakshmi Garden?

The Sub Registrar Office covering Rajalakshmi Garden 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 information.

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

The guideline value plays a crucial role during the registration process of property transactions in Chettiyaragaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which ensures that the government receives its due taxes.

Frequently asked questions

What is the current guideline value of Rajalakshmi Garden?

The current guideline value of Rajalakshmi Garden is Rs 1,650 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with various fluctuations in between, including a drop to Rs 1,005 per sq.ft in 2017.

What is the stamp duty rate applicable in Rajalakshmi Garden?

The stamp duty rate applicable in Rajalakshmi Garden is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Rajalakshmi Garden located?

The Sub Registrar Office for Rajalakshmi Garden is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value for streets in Chettiyaragaram?

The median guideline value for streets in Chettiyaragaram is Rs 2,200 per sq.ft, with Rajalakshmi Garden's value being below this median.