Guideline Value for RAJIV GANDHI 2ND STREET

Rajiv Gandhi 2nd Street guideline value

The current guideline value of Rajiv Gandhi 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village 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 Rajiv Gandhi 2nd Street has changed

The guideline value for Rajiv Gandhi 2nd Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, marking a significant increase of 49% from the previous 2023 figure. The 2012 revision also listed a value of Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

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

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the 2024 figure for Rajiv Gandhi 2nd Street.

• Rajiv Gandhi 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 1st Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 3rd Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi 2nd Street?

The Rajiv Gandhi 2nd Street is covered by 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 details.

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

The guideline value is a crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is bought or sold, the registration office uses the guideline value to calculate the applicable fees. Buyers should be aware that the fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi 2nd Street?

The current guideline value of Rajiv Gandhi 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase of 10% from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. From 2017 to 2023, it increased by 49%, while from 2012 to 2017, it decreased by 33%.

What is the land classification for Rajiv Gandhi 2nd Street?

The land classification for Rajiv Gandhi 2nd Street is Residential Class I Type - I, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office that covers Rajiv Gandhi 2nd 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 the stamp duty calculated for properties in Rajiv Gandhi 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be calculated at 7% of that amount.