Guideline Value for RAJIV GANDHI NAGAR - South Ganesan Street

RAJIV GANDHI NAGAR - South Ganesan Street guideline value

The current guideline value of RAJIV GANDHI NAGAR - South Ganesan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village under the Virugambakkam SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of RAJIV GANDHI NAGAR - South Ganesan Street has changed

The guideline value for RAJIV GANDHI NAGAR - South Ganesan Street has seen several revisions over the years. In 2002, the guideline value was Rs 150 per sq.ft, which increased to Rs 165 per sq.ft in 2003. The value then rose significantly to Rs 500 per sq.ft in 2007, followed by a substantial increase to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft.

The changes between these revisions are noteworthy. From 2002 to 2003, the increase was 10%. The value saw a remarkable rise of 203% from 2003 to 2007. The jump from 2007 to 2012 was 500%, while the value decreased by 33% from 2012 to 2017. The increase from 2017 to 2023 was 49%, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2,100%.

Guideline values in Nesapakkam

Nesapakkam has a range of guideline values, with 148 streets under the Virugambakkam SRO carrying a 2024 figure between Rs 2,200 to Rs 7,150 per sq.ft. The median value is Rs 3,300 per sq.ft, which is the same as the guideline value for RAJIV GANDHI NAGAR - South Ganesan Street. Below are other streets in Nesapakkam:

• RAJIV GANDHI NAGAR - Seikzhkar Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Sakthi Vinayagar Street: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Nagappan Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Moovendar Street: Rs 3,300 per sq.ft (2024)
• RAJIV GANDHI NAGAR - Moovendar Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in RAJIV GANDHI NAGAR - South Ganesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers RAJIV GANDHI NAGAR - South Ganesan Street?

The Sub Registrar Office that covers RAJIV GANDHI NAGAR - South Ganesan 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 more information.

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

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

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of RAJIV GANDHI NAGAR - South Ganesan Street?

The current guideline value of RAJIV GANDHI NAGAR - South Ganesan Street 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 significantly from Rs 150 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2,100% over this period.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

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

The Sub Registrar Office for RAJIV GANDHI NAGAR - South Ganesan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for RAJIV GANDHI NAGAR - South Ganesan Street?

The land classification for RAJIV GANDHI NAGAR - South Ganesan Street is Residential Class II Type - I.