Guideline Value for RAJIV GANDHI 5TH CROSS STREET

Rajiv Gandhi 5th Cross Street guideline value

The current guideline value for Rajiv Gandhi 5th Cross 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 5th Cross Street has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This figure remained until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value for these streets is Rs 2,200 per sq.ft, which is equal to the 2024 figure for Rajiv Gandhi 5th Cross Street.

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

Stamp duty and registration fee for property in Rajiv Gandhi 5th Cross 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. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi 5th Cross Street?

The Rajiv Gandhi 5th Cross 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a value that reflects the local market standards.

When a property is sold, the guideline value helps to determine the official value of the property for legal and taxation purposes. Buyers and sellers must 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 of Rajiv Gandhi 5th Cross Street?

The current guideline value of Rajiv Gandhi 5th Cross 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Rajiv Gandhi 5th Cross Street?

The land classification for Rajiv Gandhi 5th Cross Street is Residential Class I Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Rajiv Gandhi 5th Cross Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Rajiv Gandhi 5th Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.