Guideline Value for RAJIV NAGAR

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar, located in Ramapuram village under the Chennai South Joint II SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Rajiv Nagar has changed

The guideline value for Rajiv Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 280 per sq.ft. This increased to Rs 346 per sq.ft in 2003, marking a 24% rise. The value continued to climb significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 218% increase from the previous revision. The 2012 revision saw the value at Rs 2,500 per sq.ft, reflecting a 127% increase from 2007, but then dropped by 33% to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the latest 2024 revision increased it by 10% to Rs 2,750 per sq.ft.

Overall, from 2002 to 2024, the guideline value has increased by 882%. There are no figures available for revisions other than those listed.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft as of 2024. The median guideline value for the area is Rs 3,100 per sq.ft, placing Rajiv Nagar's 2024 figure below that median.

• Rajeswari Street: Rs 3,100 per sq.ft (2024)
• Ramalingam Street: Rs 2,750 per sq.ft (2024)
• Rajaram Street: Rs 2,750 per sq.ft (2024)
• Ramapuramgramam: Rs 2,750 per sq.ft (2024)
• Ramapuramgramam Main Road: Rs 2,750 per sq.ft (2024)
• Rajan Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rajiv Nagar?

The Sub Registrar Office covering Rajiv Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Ramapuram. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with legal requirements during property transactions. It also helps in assessing the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent increase being 10% from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024.

What is the land classification for Rajiv Nagar?

Rajiv Nagar is classified as Residential Class II Type - II.

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

The Sub Registrar Office for Rajiv Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.