Guideline Value for RAJIV NAGAR

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar, located in Seevaram village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Rajiv Nagar has changed

Since 2012, the guideline value for Rajiv Nagar has experienced several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and again to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2012 to 2024, there has been a 10% increase, reflecting the changes in property valuation over the years. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Seevaram

In Seevaram village, there are 84 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, placing Rajiv Nagar's 2024 figure above this median.

• Saravana Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Ramachandran Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Slum Area: Rs 1,700 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Nagar?

Rajiv Nagar falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in the property market.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, and from Rs 2,010 per sq.ft in 2017 to Rs 3,000 per sq.ft in 2023.

What is the land classification for Rajiv Nagar?

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

Where can I find the Neelankarai Sub Registrar Office?

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

How is stamp duty calculated for properties in Rajiv Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.