Guideline Value for RAJIV GANDHI NAGAR

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Rajiv Gandhi Nagar has changed

The guideline value for Rajiv Gandhi Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, marking a decrease of 33%. The following revision in 2023 saw a significant increase to Rs 2,000 per sq.ft, and the most recent revision in 2024 has further increased it to Rs 2,160 per sq.ft, which is an 8% rise from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for the area is Rs 3,300 per sq.ft, making the current value of Rajiv Gandhi Nagar below this median.

• Rajiv Gandhi Street: Rs 2,160 per sq.ft (2024)
• Rajaram Street: Rs 3,300 per sq.ft (2024)
• Rajarajan Street: Rs 3,300 per sq.ft (2024)
• Rajapazham Colony Street: Rs 3,300 per sq.ft (2024)
• Raja Joseph Colony: Rs 3,300 per sq.ft (2024)
• Ramaswamy Cross Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Together, the total cost for these fees would be Rs 1,94,400. It is important to note that the 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?

The Sub Registrar Office that covers Rajiv Gandhi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for assessing the value of the property. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar?

The current guideline value of Rajiv Gandhi Nagar is Rs 2,160 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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification of Rajiv Gandhi Nagar?

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

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2% of the guideline value or sale price.

Where is the Sub Registrar Office for Rajiv Gandhi Nagar located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.