Guideline Value for RAJALAKSHMI NAGAR 8TH STREET

Rajalakshmi Nagar 8th Street guideline value

The current guideline value of Rajalakshmi Nagar 8th 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 8th Street has changed

In the 2012 revision, the guideline value for Rajalakshmi Nagar 8th Street was Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,320 per sq.ft, marking a 10% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street. Therefore, the only relevant revisions are from 2012, 2023, and 2024.

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, placing Rajalakshmi Nagar 8th Street's 2024 figure below this median.

• RAJALAKSHMI NAGAR 8th CROSS ST: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar - Ambethkar Cross St: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar 7th Street: Rs 1,320 per sq.ft (2024)
• Rajalakshmi Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Rajalakshmi Nagar -Thulukkanathamman Kovil Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is essential to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajalakshmi Nagar 8th Street?

The Sub Registrar Office that covers Rajalakshmi Nagar 8th 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 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 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 based on the guideline value or the sale price, whichever is higher, thus impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar 8th Street?

The current guideline value of Rajalakshmi Nagar 8th Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

From the 2012 revision to 2023, the guideline value remained at Rs 1,200 per sq.ft. However, in 2024, it increased to Rs 1,320 per sq.ft, marking a 10% rise from the previous year.

What is the land classification for Rajalakshmi Nagar 8th Street?

The land classification for Rajalakshmi Nagar 8th Street is Residential Class IV Type - II, indicating its use for residential purposes.

What are the stamp duty rates applicable for property transactions?

The stamp duty rate is 7% of the guideline value, and the registration fee is 2%. These rates apply to the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Rajalakshmi Nagar 8th Street?

The Sub Registrar Office for Rajalakshmi Nagar 8th 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.