Guideline Value for RAJAVEETHI STREET

Rajaveethi Street guideline value

The current guideline value of Rajaveethi Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Rajaveethi Street has changed

Over the years, the guideline value of Rajaveethi Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, while the 2012 to 2017 period saw a decrease of 33%. 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, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Rajaveethi Street.

• Rajasekar Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Rajasekaran Nagar: Rs 1,320 per sq.ft (2024)
• Rajesekaran Nagar Annex: Rs 1,320 per sq.ft (2024)
• Rajesh Nagar: Rs 2,420 per sq.ft (2024)
• Rajesh Nagar 1st Main Road Cross Street: Rs 2,420 per sq.ft (2024)
• Rajesh Nagar 5th Main Road: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaveethi Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. 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 Rajaveethi Street?

The Sub Registrar Office that covers Rajaveethi 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 further assistance.

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

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

When buying or selling property, it is essential to consider the guideline value, as it can affect the overall cost of the transaction. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can influence their financial planning.

Frequently asked questions

What is the current guideline value of Rajaveethi Street?

The current guideline value of Rajaveethi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Rajaveethi Street?

Rajaveethi Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Rajaveethi Street?

The Sub Registrar Office for Rajaveethi 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 stamp duty calculated for properties in Rajaveethi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be calculated at 7% of this amount.