Guideline Value for RAJIV GANDHI NAGAR RAIL NAGAR (WARD -2)

Rajiv Gandhi Nagar Rail Nagar (Ward -2) guideline value

The current guideline value of Rajiv Gandhi Nagar Rail Nagar (Ward -2) is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Ninna Karai village, under the Chengleput Joint II SRO, and is classified as Residential Class I Type - III.

How the guideline value of Rajiv Gandhi Nagar Rail Nagar (Ward -2) has changed

Over the years, the guideline value for Rajiv Gandhi Nagar Rail Nagar has seen several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which was then reduced to Rs 402 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 600 per sq.ft, and the most recent 2024 revision raised it further to Rs 660 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Ninna Karai

In Ninna Karai, there are 449 streets under the Chengleput Joint II SRO, with a 2024 guideline value range from Rs 440 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing Rajiv Gandhi Nagar Rail Nagar's current value below this median.

• Rajivgandhi Street (Ward -4): Rs 1,760 per sq.ft (2024)
• Rajam Street (Ward -19): Rs 660 per sq.ft (2024)
• Ramanayakkan Street (Ward -19): Rs 660 per sq.ft (2024)
• Ramanujar Street (Ward -4): Rs 1,321 per sq.ft (2024)
• Ramasamy Padayachiar Salai (Ward -8): Rs 1,321 per sq.ft (2024)
• Rajaji Street (Ward -8): Rs 1,321 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Nagar Rail Nagar (Ward -2)

For a 1,000 sq.ft plot at the current rate, the guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, totaling Rs 59,400. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajiv Gandhi Nagar Rail Nagar (Ward -2)?

The Sub Registrar Office that covers Rajiv Gandhi Nagar Rail Nagar (Ward -2) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ninna Karai, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office will use the guideline value to calculate applicable fees.

When a property is sold, the guideline value helps in assessing the stamp duty and registration fees that need to be paid. Understanding the guideline value ensures that both parties are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar Rail Nagar (Ward -2)?

The current guideline value of Rajiv Gandhi Nagar Rail Nagar (Ward -2) is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Rajiv Gandhi Nagar Rail Nagar?

Rajiv Gandhi Nagar Rail Nagar is classified as Residential Class I Type - III, indicating its suitability for residential purposes.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 6,60,000 would incur a stamp duty of Rs 46,200 at the current rate of 7%.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles registrations for properties in Rajiv Gandhi Nagar Rail Nagar (Ward -2).