Guideline Value for RAJIV NAGAR

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Rajiv Nagar has changed

Over the years, the guideline value of Rajiv Nagar has seen several revisions. The earliest recorded value in 2003 was Rs 191 per sq.ft. This figure increased significantly to Rs 1,000 per sq.ft in 2007, marking a 424% rise. By 2012, the value reached Rs 2,500 per sq.ft, an increase of 150% from the previous revision. However, in 2017, the value dropped to Rs 1,675 per sq.ft, reflecting a decrease of 33%. The following years saw a substantial increase, with the value rising to Rs 2,500 per sq.ft in 2023, and then to Rs 2,800 per sq.ft in 2024, representing a 12% increase from the previous year.

In summary, the guideline value has risen from Rs 191 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, showcasing an overall increase of 1366% over this period. It is important to note that there are no recorded figures for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with a 2024 guideline value range from Rs 1,100 to Rs 8,800 per sq.ft. The median value for this area is Rs 3,300 per sq.ft, placing Rajiv Nagar's current value below this median.

• RAJIV NAGAR 1st STREET: Rs 2,800 per sq.ft (2024)
• Rajiv Garden: Rs 3,300 per sq.ft (2024)
• Rajivgandhi Salai: Rs 8,800 per sq.ft (2024)
• Raju 1 St Street: Rs 3,900 per sq.ft (2024)
• Raju 2 Nd Street: Rs 3,900 per sq.ft (2024)
• Raju 3 Rd Street: Rs 3,900 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 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration would be Rs 2,52,000. 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 information.

Which Sub Registrar Office covers Rajiv Nagar?

The Sub Registrar Office that covers Rajiv Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration.

Additionally, the guideline value affects the stamp duty and registration fees that need to be paid. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 191 per sq.ft to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1366%.

What is the land classification of Rajiv Nagar?

Rajiv Nagar is classified as Residential Class II Type - II, indicating its suitability for residential development.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 28,00,000, resulting in a stamp duty of Rs 1,96,000 and a registration fee of Rs 56,000, totaling Rs 2,52,000.

Where is the Sub Registrar Office for Rajiv Nagar located?

The Neelankarai Sub Registrar Office, which covers Rajiv Nagar, is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.