Guideline Value for RAJBHAVANI NAGAR

Rajbhavani Nagar guideline value

The current guideline value of Rajbhavani Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Rajbhavani Nagar has changed

The guideline value for Rajbhavani Nagar has undergone several revisions over the years. 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 value increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,700 per sq.ft in the 2024 revision, marking a 13% increase from the previous year.

From 2017 to 2023, the value saw a substantial increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 13%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Rajbhavani Nagar's guideline value below this median.

• Rajivgandhi Salai: Rs 8,800 per sq.ft (2024)
• Rajiv Garden: Rs 3,300 per sq.ft (2024)
• Rajiv Nagar: Rs 2,800 per sq.ft (2024)
• RAJIV NAGAR 1st STREET: Rs 2,800 per sq.ft (2024)
• Raju 1 St Street: Rs 3,900 per sq.ft (2024)
• Raju 2 Nd Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Rajbhavani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. 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 precise calculations.

Which Sub Registrar Office covers Rajbhavani Nagar?

The Neelankarai Sub Registrar Office covers Rajbhavani Nagar. The office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Okkiyamthuraipakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on it.

During the registration process, the guideline value is used to assess the applicable taxes and fees. It ensures that the property is registered at a value that reflects the current market conditions as determined by the government.

Frequently asked questions

What is the current guideline value of Rajbhavani Nagar?

The current guideline value of Rajbhavani Nagar is Rs 1,700 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 increased to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,700 per sq.ft in 2024.

What is the land classification of Rajbhavani Nagar?

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

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Rajbhavani Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable, making it essential to consider both when planning a property transaction.