Guideline Value for RAJIV NAGAR EXTENSION

Rajiv Nagar Extension guideline value

The current guideline value of Rajiv Nagar Extension is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai SRO, classified as Residential Special Type - II.

How the guideline value of Rajiv Nagar Extension has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. With the latest 2024 revision, the guideline value further increased to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Varadarajapuram

Varadarajapuram village has 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the 2024 figure for Rajiv Nagar Extension.

• Rajiv Nagar Extn I, II and III: Rs 1,650 per sq.ft (2024)
• Rajiv Nagar: Rs 990 per sq.ft (2024)
• Rajeswari Nagar: Rs 1,650 per sq.ft (2024)
• Raja Nagar @ Gajalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Raja Nagar: Rs 1,320 per sq.ft (2024)
• Raghavendra Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Nagar Extension?

The Sub Registrar Office covering Rajiv Nagar Extension is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Varadarajapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are fairly assessed and documented according to the prevailing regulations.

Frequently asked questions

What is the current guideline value of Rajiv Nagar Extension?

The current guideline value of Rajiv Nagar Extension is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From 2017 to 2023, the guideline value increased from Rs 1,005 per sq.ft to Rs 1,500 per sq.ft, a change of 49%. The most recent revision in 2024 raised it to Rs 1,650 per sq.ft, a 10% increase from 2023.

What is the land classification for Rajiv Nagar Extension?

Rajiv Nagar Extension is classified as Residential Special Type - II, indicating its designated use for residential purposes within the locality.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. It serves the registration needs for properties in the area.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, a property valued at Rs 16,50,000 would incur a total fee of Rs 1,48,500 for both stamp duty and registration.