Guideline Value for RAJESWARI STREET

Rajeswari Street guideline value

The current guideline value of Rajeswari Street in Palavakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Rajeswari Street has changed

The guideline value for Rajeswari Street has undergone several revisions over the years. In 2002, the value was Rs 83 per sq.ft, which increased to Rs 93 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 1,042 per sq.ft in 2007, reflecting a 1,020% increase. Following this, the value rose to Rs 3,000 per sq.ft in 2012, indicating a 188% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, which was a 33% drop. The value then increased to Rs 3,000 per sq.ft in 2023, showing a 49% rise, and finally reached Rs 3,300 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 is a remarkable increase of 3,876%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which aligns with the current guideline value of Rajeswari Street.

• Ram Garden: Rs 4,400 per sq.ft (2024)
• Radha Krishnan Road: Rs 1,700 per sq.ft (2024)
• Radhakrishanan Street: Rs 1,700 per sq.ft (2024)
• Quaid Milleth Street: Rs 2,800 per sq.ft (2024)
• Quaid Milleth 2nd Street: Rs 2,800 per sq.ft (2024)
• Quaid Milleth 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Rajeswari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 Rajeswari Street?

The Sub Registrar Office that covers Rajeswari Street is the Neelankarai Sub Registrar Office, 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 Palavakkam

The guideline value plays a crucial role during the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential for completing the legal formalities. This ensures that both parties are aware of the financial implications associated with the transaction.

Frequently asked questions

What is the current guideline value of Rajeswari Street?

The current guideline value of Rajeswari Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 83 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 3,876%.

What is the land classification for Rajeswari Street?

Rajeswari Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Rajeswari Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Where is the Sub Registrar Office for Rajeswari Street located?

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