Guideline Value for RAJIV GANDHI NAGAR - NSK 1st Street

RAJIV GANDHI NAGAR - NSK 1st Street guideline value

The current guideline value for RAJIV GANDHI NAGAR - NSK 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and falls under the Residential Class V Type - I land classification.

How the guideline value of RAJIV GANDHI NAGAR - NSK 1st Street has changed

In the guideline value register, the earliest available figure for RAJIV GANDHI NAGAR - NSK 1st Street is from 2002, which is Rs 109 per sq.ft. This figure increased to Rs 120 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 300 per sq.ft in 2007, reflecting a 150% increase. Following this, the value surged to Rs 2,000 per sq.ft in 2012, which was a remarkable 567% increase. However, it then decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%. The guideline value rose again to Rs 2,000 per sq.ft in 2023, and then reached the current figure of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1918%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, indicating that the 2024 guideline value for RAJIV GANDHI NAGAR - NSK 1st Street is below this median.

• RAJIV GANDHI NAGAR - Pari Street: Rs 2,200 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Muthumariamman Koil Street: Rs 2,200 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Periyar Street: Rs 2,200 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Periyasamy Street: Rs 2,200 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Perumal Koil Cross Street: Rs 2,200 per sq.ft (2024)
• RAJIV GANDHI NAGAR - MGR Main Salai: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in RAJIV GANDHI NAGAR - NSK 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 charges 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers RAJIV GANDHI NAGAR - NSK 1st Street?

The Sub Registrar Office that covers RAJIV GANDHI NAGAR - NSK 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial reference point during property transactions in Maduravoyal. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it impacts the overall transaction costs. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value for RAJIV GANDHI NAGAR - NSK 1st Street?

The current guideline value for RAJIV GANDHI NAGAR - NSK 1st 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 undergone several changes, starting from Rs 109 per sq.ft in 2002 to the current Rs 2,200 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, where it rose from Rs 300 per sq.ft to Rs 2,000 per sq.ft.

What is the land classification for RAJIV GANDHI NAGAR - NSK 1st Street?

RAJIV GANDHI NAGAR - NSK 1st Street is classified as Residential Class V Type - I. This classification is important for determining the applicable regulations and guidelines for property development and transactions.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total stamp duty and registration fees would amount to Rs 1,98,000.

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

The Virugambakkam Sub Registrar Office covers RAJIV GANDHI NAGAR - NSK 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. This office handles all registration activities for properties in the area.