Guideline Value for RAJIV GANDHI STREET

Rajiv Gandhi Street guideline value

The current guideline value of Rajiv Gandhi Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - III.

How the guideline value of Rajiv Gandhi Street has changed

The guideline value for Rajiv Gandhi Street has undergone several revisions since 2002. In 2002, the value was Rs 474 per sq.ft, which increased to Rs 522 per sq.ft in 2003. Following this, the value rose significantly to Rs 900 per sq.ft in 2007, marking an increase of 72%. The value then jumped to Rs 5,000 per sq.ft in 2012, reflecting a 456% increase. However, it decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The most recent revisions saw the value increase to Rs 5,000 per sq.ft in 2023 and further to Rs 5,500 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1060%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, indicating that Rajiv Gandhi Street's 2024 figure is below this median.

• Ramasamy Raja Street: Rs 5,500 per sq.ft (2024)
• Rajagopal Street: Rs 6,000 per sq.ft (2024)
• Raghuram Street: Rs 6,000 per sq.ft (2024)
• Raghavan Street: Rs 5,500 per sq.ft (2024)
• Rani Anna Nagar -Anjugam Street: Rs 5,500 per sq.ft (2024)
• Raghuraman Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajiv Gandhi Street?

The Sub Registrar Office that covers Rajiv Gandhi Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Arumbakkam. It serves as a benchmark for calculating the stamp duty and registration fees that are applicable during the registration process. Buyers should be aware that the duty is assessed on the higher of the guideline value or the actual sale price.

When registering a property, the buyer must ensure that the transaction is compliant with the guideline value set by the authorities. This helps in maintaining transparency and standardization in property transactions within the area.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Street?

The current guideline value of Rajiv Gandhi Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 474 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1060% over this period.

What are the stamp duty and registration fees for property in Rajiv Gandhi Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 4,95,000, based on the applicable rates.

Which office handles registrations for Rajiv Gandhi Street?

The Kodambakkam Sub Registrar Office handles registrations for Rajiv Gandhi Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is important for buyers and sellers to be aware of this value to ensure compliance with local regulations.