Guideline Value for RAJIV GANDHI 4TH STREET

Rajiv Gandhi 4th Street guideline value

The current guideline value of Rajiv Gandhi 4th Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Rajiv Gandhi 4th Street has changed

The guideline value for Rajiv Gandhi 4th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, up from Rs 2,000 per sq.ft in 2023, marking a 10% increase. Prior to this, the value was Rs 1,340 per sq.ft in 2017, indicating a significant rise of 49% over the six years. The 2012 revision had set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

There are no figures available in the register 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 have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the 2024 figure for Rajiv Gandhi 4th Street.

• Rajiv Gandhi 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 3rd Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 5th Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi 4th 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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi 4th Street?

The Sub Registrar Office that covers Rajiv Gandhi 4th 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. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with the local regulations.

When a property transaction takes place, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi 4th Street?

The current guideline value of Rajiv Gandhi 4th 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 changed several times, 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. The value rose significantly from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2012, then decreased by 33% before the recent increases.

What is the land classification for Rajiv Gandhi 4th Street?

Rajiv Gandhi 4th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Rajiv Gandhi 4th Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft property at the current guideline value, the total fees would amount to Rs 1,98,000.