Guideline Value for RAJALAKSHMI NAGAR 2ND STREET

Rajalakshmi Nagar 2nd Street guideline value

The current guideline value for Rajalakshmi Nagar 2nd Street is Rs 2,200 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 II Type - I.

How the guideline value of Rajalakshmi Nagar 2nd Street has changed

Over the years, the guideline value for Rajalakshmi Nagar 2nd Street has seen several revisions. The earliest recorded figure is from 2007, where it was Rs 500 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 300% rise. However, in 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33% from the previous revision.

In 2023, the guideline value rose to Rs 2,000 per sq.ft, and then further increased to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

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 value is Rs 1,650 per sq.ft, indicating that Rajalakshmi Nagar 2nd Street's 2024 figure is above this median.

• RAJALAKSHMI NAGAR 2nd MAIN ROAD: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 2nd CROSS STREET: Rs 2,200 per sq.ft (2024)
• RAJALAKSHMI NAGAR 3rd CROSS STREET: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 1st Street: Rs 1,320 per sq.ft (2024)
• Rajalakshmi Nagar 3rd Street: Rs 1,320 per sq.ft (2024)
• RAJALAKSHMI NAGAR 4th CROSS STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajalakshmi Nagar 2nd Street?

The Sub Registrar Office that covers Rajalakshmi Nagar 2nd Street 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value as it affects the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This process helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar 2nd Street?

The current guideline value of Rajalakshmi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the land classification for Rajalakshmi Nagar 2nd Street?

The land classification for Rajalakshmi Nagar 2nd Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Rajalakshmi Nagar 2nd Street?

The Sub Registrar Office for Rajalakshmi Nagar 2nd Street 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 on property in Rajalakshmi Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft property at the current rate would incur a stamp duty of Rs 1,54,000 based on the guideline value of Rs 22,00,000.