Guideline Value for RAJALAKSHMI NAGAR 7TH STREET

Rajalakshmi Nagar 7th Street guideline value

The current guideline value of Rajalakshmi Nagar 7th 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, classified as Residential Class IV Type - II.

How the guideline value of Rajalakshmi Nagar 7th Street has changed

The guideline value for Rajalakshmi Nagar 7th Street has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,320 per sq.ft in the 2024 revision. The changes between these revisions include a decrease of 33% from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. The overall change from 2012 to 2024 is an increase of 10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Within 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 7th Street is below this median.

• RAJALAKSHMI NAGAR 8th CROSS ST: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 6th Street: Rs 1,320 per sq.ft (2024)
• Rajalakshmi Nagar 8th Street: Rs 1,320 per sq.ft (2024)
• Rajalakshmi Nagar - Ambethkar Cross St: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 5th Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar 7th 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, leading to a total of 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.

Which Sub Registrar Office covers Rajalakshmi Nagar 7th Street?

The Rajalakshmi Nagar 7th 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 is used to determine the stamp duty and registration fees that are applicable when a property is bought or sold.

When registering a property, the guideline value is considered to ensure that the transaction is recorded at a value that reflects the current market conditions. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar 7th Street?

The current guideline value of Rajalakshmi Nagar 7th 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 from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Rajalakshmi Nagar 7th Street?

Rajalakshmi Nagar 7th Street is classified as Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Rajalakshmi Nagar 7th Street?

The Sub Registrar Office covering Rajalakshmi Nagar 7th 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 for property in Rajalakshmi Nagar 7th Street?

Stamp duty for property in Rajalakshmi Nagar 7th Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 13,20,000, resulting in a stamp duty of Rs 92,400.