Guideline Value for RAJIV NAGAR

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under Thiruvottiyur village, governed by the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Rajiv Nagar has changed

The guideline value for Rajiv Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 275%. However, this value decreased to Rs 2,010 per sq.ft in 2017, reflecting a drop of 33%. The value then surged to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, which is a 10% rise from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 313%. The revisions illustrate the fluctuations in the guideline value, with notable increases in the recent years, particularly from 2017 to 2023, where it rose by 49%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Rajiv Nagar.

• Rajiv Gandhi Nagar: Rs 2,800 per sq.ft (2024)
• Rajeswari Nagar: Rs 3,300 per sq.ft (2024)
• Raja Shanmugam Nagar/ Extension/Cross Streets: Rs 1,500 per sq.ft (2024)
• Ramanathapuram: Rs 1,900 per sq.ft (2024)
• Ramanujam Street: Rs 3,700 per sq.ft (2024)
• Ramasamy Mudaliyar Nagar: Rs 1,300 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 would be 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 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Nagar?

The Sub Registrar Office that covers Rajiv Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. 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.

During the registration process, the guideline value is compared with the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the regulations set forth by the Registration Department.

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 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 313% over the years.

What is the land classification for Rajiv Nagar?

Rajiv Nagar is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

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

The Sub Registrar Office for Rajiv Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated in Rajiv Nagar?

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