Guideline Value for RAJALAKSHMI NAGAR 1ST STREET

Rajalakshmi Nagar 1st Street guideline value

The current guideline value of Rajalakshmi Nagar 1st Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Rajalakshmi Nagar 1st Street has changed

The guideline value for Rajalakshmi Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,320 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 1,200 per sq.ft. Prior to that, in 2017, the guideline value was Rs 804 per sq.ft, marking a significant increase of 49% to the 2023 figure. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, and 2007 for this street. Therefore, the earliest recorded value is from 2012.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, indicating that the guideline value for Rajalakshmi Nagar 1st Street is below this median.

• RAJALAKSHMI NAGAR 2nd CROSS STREET: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 1st CROSS ST: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 2nd MAIN ROAD: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 3rd CROSS STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar 1st Street

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 cost for these fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the costs involved.

Which Sub Registrar Office covers Rajalakshmi Nagar 1st Street?

The Rajalakshmi Nagar 1st Street falls under 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 Pallikaranai

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

When buying or selling property, it is essential to consider the guideline value, as it affects the total cost involved in the transaction. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can impact the overall expenses during the registration process.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar 1st Street?

The current guideline value of Rajalakshmi Nagar 1st Street 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 several times, with the most recent increase of 10% from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024. The value also saw a significant rise from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023.

What is the land classification for Rajalakshmi Nagar 1st Street?

The land classification for Rajalakshmi Nagar 1st Street is Residential Class IV Type - II.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for the 749 streets in Pallikaranai under the Chennai South Joint I SRO is Rs 1,650 per sq.ft, which is higher than the current value for Rajalakshmi Nagar 1st Street.

Where can I find the Sub Registrar Office for Rajalakshmi Nagar 1st Street?

The Sub Registrar Office covering Rajalakshmi Nagar 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.