Guideline Value for RAJIV GANDHI NAGAR (CORNER PLOTS)

Rajiv Gandhi Nagar (Corner Plots) guideline value

The current guideline value for Rajiv Gandhi Nagar (Corner Plots) is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Ernavur village and falls under the Thiruvottiyur SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Rajiv Gandhi Nagar (Corner Plots) has changed

The guideline value for Rajiv Gandhi Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,000 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in the 2012 revision, marking a 200% rise. However, the value dropped to Rs 2,010 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision brought the value up to Rs 3,000 per sq.ft, and the latest 2024 revision has set it at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Rajiv Gandhi Nagar (Corner Plots) is above this median.

• Rajivgandhi Nagar: Rs 3,300 per sq.ft (2024)
• Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar: Rs 2,400 per sq.ft (2024)
• Ramanathapuram Nagar/Street: Rs 1,600 per sq.ft (2024)
• Puratchi Thalaivar Nagar: Rs 1,400 per sq.ft (2024)
• Rukmani Nagar: Rs 1,800 per sq.ft (2024)
• Poompukar Nagar: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Nagar (Corner Plots)

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to 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, totaling 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi Nagar (Corner Plots)?

The Sub Registrar Office that covers Rajiv Gandhi Nagar (Corner Plots) is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Ernavur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Rajiv Gandhi Nagar?

The current guideline value for Rajiv Gandhi Nagar (Corner Plots) 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 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 230% across the revisions.

What is the land classification for Rajiv Gandhi Nagar?

Rajiv Gandhi Nagar (Corner Plots) is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

Where can I find the registration office for Rajiv Gandhi Nagar?

The registration office for Rajiv Gandhi Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Rajiv Gandhi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,31,000.