Guideline Value for RAJALAKSHMI NAGAR 2nd MAIN ROAD

RAJALAKSHMI NAGAR 2nd MAIN ROAD guideline value

The current guideline value of RAJALAKSHMI NAGAR 2nd MAIN ROAD 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 MAIN ROAD has changed

Over the years, the guideline value for RAJALAKSHMI NAGAR 2nd MAIN ROAD has seen several revisions. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in 2023. This represents a 10% increase. Prior to that, the 2017 revision was Rs 1,340 per sq.ft, showing a significant increase of 49% from the previous 2023 figure. The 2012 revision was Rs 2,000 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%.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. The last available figure before 2012 was also not recorded in the register. The guideline values have thus fluctuated significantly, reflecting the changes in the real estate landscape over the years.

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, with a median value of Rs 1,650 per sq.ft. The guideline value for RAJALAKSHMI NAGAR 2nd MAIN ROAD is above this median, indicating a relatively higher valuation.

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

Stamp duty and registration fee for property in RAJALAKSHMI NAGAR 2nd MAIN ROAD

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers RAJALAKSHMI NAGAR 2nd MAIN ROAD?

The Sub Registrar Office that covers RAJALAKSHMI NAGAR 2nd MAIN ROAD 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. For further assistance, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Pallikaranai. It serves as a reference point for determining the stamp duty and registration fees applicable during the property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of RAJALAKSHMI NAGAR 2nd MAIN ROAD?

The current guideline value of RAJALAKSHMI NAGAR 2nd MAIN ROAD is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. It was Rs 1,340 per sq.ft in 2017, showing a 49% increase from 2023.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers RAJALAKSHMI NAGAR 2nd MAIN ROAD, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the guideline value or the sale price, whichever is higher.

What is the land classification for RAJALAKSHMI NAGAR 2nd MAIN ROAD?

The land classification for RAJALAKSHMI NAGAR 2nd MAIN ROAD is Residential Class II Type - I, indicating its designation for residential use within the area.