Guideline Value for RAJALAKSHMI NAGAR EXTN.

Rajalakshmi Nagar Extn. guideline value

The current guideline value for Rajalakshmi Nagar Extn., Pallikaranai village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Rajalakshmi Nagar Extn. has changed

The guideline value for Rajalakshmi Nagar Extn. has seen several revisions over the years. The earliest recorded figure in the register is from 2002, which was Rs 107 per sq.ft. This value increased to Rs 126 per sq.ft in 2003, marking an 18% rise. In 2007, the guideline value surged to Rs 400 per sq.ft, reflecting a significant increase of 217%. The value then escalated dramatically to Rs 2,000 per sq.ft in 2012, a 400% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%. The value was revised again to Rs 2,000 per sq.ft in 2023, which was a 49% increase. Finally, the current guideline value stands at Rs 2,200 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Rajalakshmi Nagar Extn. above this median.

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

Stamp duty and registration fee for property in Rajalakshmi Nagar Extn.

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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajalakshmi Nagar Extn.?

The Sub Registrar Office covering Rajalakshmi Nagar Extn. 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which property transactions can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. The registration office uses this value to calculate the applicable fees, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value for Rajalakshmi Nagar Extn.?

The current guideline value for Rajalakshmi Nagar Extn. 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 107 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1956% over the years.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, with Rajalakshmi Nagar Extn. being above this median.

What are the stamp duty rates applicable in Rajalakshmi Nagar Extn.?

The stamp duty rate in Rajalakshmi Nagar Extn. is 7%, while the registration fee is 2% of the property value.

Where can I find the Sub Registrar Office for Rajalakshmi Nagar Extn.?

The Sub Registrar Office for Rajalakshmi Nagar Extn. is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.