Guideline Value for RAJIV GANDHI STREET

Rajiv Gandhi Street guideline value

The current guideline value of Rajiv Gandhi Street, located in Manali village under the Thiruvottiyur SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Rajiv Gandhi Street has changed

The guideline value for Rajiv Gandhi Street has undergone several revisions over the years. In 2002, the value was Rs 80 per sq.ft, which increased to Rs 90 per sq.ft in 2003, marking a 13% rise. Following this, the value saw a significant increase to Rs 200 per sq.ft in 2007, representing a 122% change. The 2012 revision brought the value to Rs 1,100 per sq.ft, which was a substantial increase of 450% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 737 per sq.ft, reflecting a 33% decline. However, the value rose again to Rs 1,100 per sq.ft in 2023, a 49% increase. The latest revision in 2024 has set the guideline value at Rs 1,200 per sq.ft, which is a 9% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 1,400%.

Guideline values in Manali

In Manali village, there are 84 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,001 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,200 per sq.ft, placing Rajiv Gandhi Street at the median value.

• Raja Thottam: Rs 1,200 per sq.ft (2024)
• Rajapadar Mudaliar Street: Rs 1,200 per sq.ft (2024)
• Raghavan Street: Rs 1,200 per sq.ft (2024)
• P.R.K. Sharma Street: Rs 1,500 per sq.ft (2024)
• Poongavanam Street: Rs 1,200 per sq.ft (2024)
• Poombukar Nagar: Rs 1,200 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 guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi Street?

The Sub Registrar Office covering Rajiv Gandhi Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Manali. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 80 per sq.ft in 2002 to Rs 1,200 per sq.ft in 2024, with various revisions in between reflecting increases and decreases over the years.

What is the land classification for Rajiv Gandhi Street?

Rajiv Gandhi Street is classified as Residential Special Type - II, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties on this street?

For a 1,000 sq.ft plot valued at Rs 12,00,000, the stamp duty would be Rs 84,000, and the registration fee would be Rs 24,000, totaling Rs 1,08,000.

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

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019, and can assist with registration and related queries.