Guideline Value for RAJIV GANDHI NAGAR

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024. This area is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Rajiv Gandhi Nagar has changed

Over the years, the guideline value for Rajiv Gandhi Nagar has seen significant changes. Starting from Rs 511 per sq.ft in 2002, it increased to Rs 561 per sq.ft in 2003, marking a 10% rise. The value then rose to Rs 600 per sq.ft in 2007, reflecting a 7% increase. A substantial jump occurred in 2012, where the guideline value reached Rs 3,000 per sq.ft, representing a remarkable 400% increase from the previous figure. However, from 2012 to 2023, the value remained unchanged at Rs 3,000 per sq.ft. In the latest revision for 2024, the guideline value increased to Rs 3,200 per sq.ft, a 7% rise from 2023.

The register has no figure for this street in 2017. Overall, from 2002 to 2024, the guideline value has increased by 526%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO, with guideline values for 2024 ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which means Rajiv Gandhi Nagar's 2024 guideline value is above this median.

• Rajeswari Street: Rs 4,300 per sq.ft (2024)
• Rajiv Gandhi Nagar Hut Area: Rs 2,200 per sq.ft (2024)
• Ramakrishna Mudali 1st Street: Rs 3,800 per sq.ft (2024)
• Ramakrishna Mudali 2nd Street: Rs 3,800 per sq.ft (2024)
• Ramakrishna Mudali Street: Rs 3,800 per sq.ft (2024)
• Rajangam Street: Rs 2,700 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 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would amount to Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total to Rs 2,88,000. 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?

The Sub Registrar Office that covers Rajiv Gandhi Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Perambur. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers should be aware that the guideline value is set by the government and is subject to periodic revisions based on various factors.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate 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?

The current guideline value of Rajiv Gandhi Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 511 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, marking an overall increase of 526%.

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 is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Rajiv Gandhi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rajiv Gandhi Nagar?

The Sub Registrar Office covering Rajiv Gandhi Nagar is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find more information by visiting the relevant link.