Guideline Value for RAJIV GANDHI NAGAR

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar, located in Chemmancheri village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Rajiv Gandhi Nagar has changed

The guideline value for Rajiv Gandhi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 86 per sq.ft. This increased to Rs 200 per sq.ft in 2007, marking a significant rise of 133%. By 2012, the value reached Rs 2,500 per sq.ft, reflecting a dramatic increase of 1,150%. However, this figure dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The value then saw a substantial increase to Rs 2,500 per sq.ft in 2023, followed by the current figure of Rs 2,800 per sq.ft in 2024, which is a rise of 12%.

Overall, from 2003 to 2024, the guideline value has increased by 3,156%. It is important to note that the register has no figure for Rajiv Gandhi Nagar for the year 2002.

Guideline values in Chemmancheri

In Chemmancheri village, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, placing Rajiv Gandhi Nagar's current guideline value above this median.

• Rajeswari Garden: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi Nagar Mettu Colony Street: Rs 2,800 per sq.ft (2024)
• Rajendran Garen - I: Rs 3,300 per sq.ft (2024)
• Rajendran Garden II: Rs 1,100 per sq.ft (2024)
• Ramachari Garden: Rs 1,000 per sq.ft (2024)
• Rajam Garen: Rs 1,100 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 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000 for these charges. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi Nagar?

The Sub Registrar Office that covers Rajiv Gandhi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the state receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar?

The current guideline value of Rajiv Gandhi Nagar is Rs 2,800 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 86 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 3,156% over the years.

What is the land classification of Rajiv Gandhi Nagar?

Rajiv Gandhi Nagar falls under the Residential Class II Type - I land classification.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

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

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 28,00,000, the stamp duty at 7% would be Rs 1,96,000.