Guideline Value for RAJIV GANDHI 1 TO 7 STREETS

Rajiv Gandhi 1 To 7 Streets guideline value

The current guideline value for Rajiv Gandhi 1 To 7 Streets in Nanmangalam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Mixed Type - II land.

How the guideline value of Rajiv Gandhi 1 To 7 Streets has changed

Since the 2012 revision, the guideline value for Rajiv Gandhi 1 To 7 Streets has seen various changes. In 2012, the value was Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, representing a rise of 49%. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing the 2024 figure for Rajiv Gandhi 1 To 7 Streets above this median.

• Rajiv Nagar 1 To 3 Street: Rs 3,300 per sq.ft (2024)
• Rajeev Nagar: Rs 3,300 per sq.ft (2024)
• Rajeev Gandhi Nagar: Rs 3,300 per sq.ft (2024)
• Ramakrishnan Nagar: Rs 3,300 per sq.ft (2024)
• Ramanujar Garden: Rs 2,310 per sq.ft (2024)
• Rajaji Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi 1 To 7 Streets

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 amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees 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.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi 1 To 7 Streets?

The Rajiv Gandhi 1 To 7 Streets are covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for Rajiv Gandhi 1 To 7 Streets?

The current guideline value for Rajiv Gandhi 1 To 7 Streets 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 from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Rajiv Gandhi 1 To 7 Streets?

Rajiv Gandhi 1 To 7 Streets is classified as Mixed Type - II land, which indicates a combination of residential and commercial uses.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.