Guideline Value for Raja Nagar 1st Pirathana Salai

Raja Nagar 1st Pirathana Salai guideline value

The current guideline value of Raja Nagar 1st Pirathana Salai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village and falls under the Neelankarai SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Raja Nagar 1st Pirathana Salai has changed

The guideline value for Raja Nagar 1st Pirathana Salai has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was later reduced to Rs 2,680 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 4,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 4,400 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, there have been notable changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The overall change from 2012 to 2024 is an increase of 10%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value for Raja Nagar 1st Pirathana Salai above the median.

• Raja Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Raja Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Raja Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Raja Nagar Layout: Rs 4,400 per sq.ft (2024)
• Rajendra Nagar 10th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 11th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Nagar 1st Pirathana Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, charged at 7%, would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raja Nagar 1st Pirathana Salai?

The Sub Registrar Office that covers Raja Nagar 1st Pirathana Salai is 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 details.

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

The guideline value is a critical component in the registration process for property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating the applicable duties and fees. This ensures that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Raja Nagar 1st Pirathana Salai?

The current guideline value of Raja Nagar 1st Pirathana Salai is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Raja Nagar 1st Pirathana Salai?

The land classification for Raja Nagar 1st Pirathana Salai is Residential Class I Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, on a 1,000 sq.ft plot, the total stamp duty and registration fees would be Rs 3,96,000.

Where is the Neelankarai Sub Registrar Office located?

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