Guideline Value for RAJAMMAL NAGAR

Rajammal Nagar guideline value

The current guideline value of Rajammal Nagar in Iyyappanthangal village under the Chennai South Joint I SRO is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Rajammal Nagar has changed

Over the years, the guideline value of Rajammal Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then dropped to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision further raised it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2017 revision to the 2023 revision, there was a significant increase of 49%. However, the value saw a decrease of 33% from the 2012 revision to the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Rajammal Nagar.

• Rajarathinam Street: Rs 1,980 per sq.ft (2024)
• Ramachandra Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Ramachandra Nagar 2nd Street 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Ramachandra Nagar 2nd Street 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Ramachandra Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Ramachandra Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Rajammal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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, totaling 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rajammal Nagar?

The Sub Registrar Office that covers Rajammal Nagar 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 more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Iyyappanthangal. It serves as the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in determining the financial obligations of both parties. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Rajammal Nagar?

The current guideline value of Rajammal Nagar 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Rajammal Nagar?

Rajammal Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Rajammal Nagar?

The Sub Registrar Office for Rajammal Nagar is 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 properties in Rajammal Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.