Guideline Value for RASI NAGAR

Rasi Nagar guideline value

The current guideline value of Rasi Nagar is Rs 103 per sq.ft, effective from 1 July 2024. This area is located in Nelli village, under the Salavakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of Rasi Nagar has changed

The guideline value for Rasi Nagar has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 100 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a significant decrease to Rs 67 per sq.ft. However, from 2017 to 2023, the value increased to Rs 100 per sq.ft, and in the latest revision for 2024, it rose to Rs 103 per sq.ft.

In summary, the changes between the revisions are as follows: from 2012 to 2017, there was a decrease of 33%. Then, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 is an increase of 3%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nelli

Nelli village has 25 streets under the Salavakkam SRO, with guideline values for 2024 ranging from Rs 101 to Rs 103 per sq.ft. The median value for these streets is Rs 103 per sq.ft, which is equal to the guideline value of Rasi Nagar.

• Rb -Nagar: Rs 103 per sq.ft (2024)
• Raman Nagar: Rs 103 per sq.ft (2024)
• Rajinikanth Nagar: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden Phase-1: Rs 103 per sq.ft (2024)
• Sai Narasimma Garden Phase-2: Rs 103 per sq.ft (2024)

Stamp duty and registration fee for property in Rasi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 103 per sq.ft, the total guideline value amounts to Rs 1,03,000. The stamp duty at 7% would be Rs 7,210, and the registration fee at 2% would be Rs 2,060, making the total cost for these fees Rs 9,270. It is important to note that 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 details.

Which Sub Registrar Office covers Rasi Nagar?

The Sub Registrar Office that covers Rasi Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Nelli. It is used to determine the stamp duty and registration fees that are applicable when a property is bought or sold. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When a buyer purchases property, the guideline value is considered as a basis for calculating the necessary fees. If the sale price of the property is higher than the guideline value, the fees will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Rasi Nagar?

The current guideline value of Rasi Nagar is Rs 103 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then back to Rs 100 per sq.ft in 2023, and finally to Rs 103 per sq.ft in 2024.

What is the land classification for Rasi Nagar?

Rasi Nagar is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the Salavakkam Sub Registrar Office?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 103 per sq.ft, the total guideline value is Rs 1,03,000.