Guideline Value for RAJESH NAGAR

Rajesh Nagar guideline value

The current guideline value of Rajesh Nagar, located in Pallikaranai village, is Rs 2,420 per sq.ft. This value is effective from 1 July 2024 and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Rajesh Nagar has changed

The guideline value of Rajesh Nagar has seen significant changes over the years. Starting from Rs 162 per sq.ft in 2002, it increased to Rs 377 in 2003, marking a rise of 133%. The value then surged to Rs 1,063 in 2007, which was a substantial increase of 182%. Following this, the guideline value reached Rs 2,200 in 2012, reflecting a 107% increase from the previous revision. However, it dropped to Rs 1,474 in 2017, a decrease of 33%. The value then rose to Rs 2,200 in 2023, before reaching the current figure of Rs 2,420 in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,394%. The register has no figures for the years not mentioned in this summary.

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 Rajesh Nagar's 2024 figure above that median.

• Rajesekaran Nagar Annex: Rs 1,320 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)
• Rajesh Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Rajesh Nagar Extn 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajesh Nagar Extn.4th Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajesh Nagar?

Rajesh Nagar falls under 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value as determined by the government. This helps maintain transparency and accountability in property dealings within the region.

Frequently asked questions

What is the current guideline value of Rajesh Nagar?

The current guideline value of Rajesh Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 162 in 2002 to Rs 2,420 in 2024, showing a significant overall increase of 1,394% over the years.

What is the land classification for Rajesh Nagar?

Rajesh Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.

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

The Sub Registrar Office covering Rajesh 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 property in Rajesh Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 24,20,000 would incur a stamp duty of Rs 1,69,400 at 7%.