Guideline Value for RAJALAKSHMI NAGAR

Rajalakshmi Nagar guideline value

The current guideline value of Rajalakshmi Nagar, located in Nemam village under the Avadi SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Rajalakshmi Nagar has changed

The guideline value for Rajalakshmi Nagar has seen significant changes over the years. In the 2017 revision, the value was set at Rs 268 per sq.ft. This increased to Rs 400 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 brought the guideline value to Rs 440 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Nemam

In Nemam, there are 14 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 1,590 per sq.ft, with a median value of Rs 740 per sq.ft. Rajalakshmi Nagar's current guideline value is below this median.

• Rajalakshmi Enclave Phase - II: Rs 550 per sq.ft (2024)
• Rajalakshmi Enclave Phase I: Rs 360 per sq.ft (2024)
• Radha Nagar: Rs 710 per sq.ft (2024)
• Ms Smart City: Rs 770 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 1,050 per sq.ft (2024)
• Surya Garden: Rs 551 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, while the registration fee at 2% would be Rs 8,800. Together, the total cost for stamp duty and registration fee would be Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajalakshmi Nagar?

The Rajalakshmi Nagar area is covered by the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemam. It serves as a basis for calculating the stamp duty and registration fees that are required during the transaction. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements.

When a property is sold, the guideline value is considered alongside the sale price. The stamp duty is charged on whichever amount is higher, ensuring that the government receives the appropriate revenue from property transactions. Understanding the guideline value is essential for anyone looking to navigate the real estate market in Nemam effectively.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar?

The current guideline value of Rajalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023, and then to Rs 440 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for property in Rajalakshmi Nagar?

For a property valued at Rs 4,40,000, the stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600 for stamp duty and registration fees.

Which Sub Registrar Office covers Rajalakshmi Nagar?

The Avadi Sub Registrar Office covers Rajalakshmi Nagar, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

What is the land classification for Rajalakshmi Nagar?

Rajalakshmi Nagar falls under the Residential Class I Type - II land classification. This classification is important for determining the guidelines and regulations applicable to the area.