Guideline Value for Raja Nagar 2nd Street

Raja Nagar 2nd Street guideline value

The current guideline value of Raja Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village under the Neelankarai SRO, classified as Residential Class I Type - I.

How the guideline value of Raja Nagar 2nd Street has changed

The guideline value for Raja Nagar 2nd Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in 2017. The value then increased significantly to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the guideline value changed as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, comparing the 2012 and 2024 figures, there has been a 10% increase.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which indicates that Raja Nagar 2nd Street's 2024 figure is above that median.

• Raja Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Raja Nagar 1st Pirathana Salai: Rs 4,400 per sq.ft (2024)
• Raja Nagar 1st Cross 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Raja Nagar 2nd Street?

The Sub Registrar Office that covers Raja Nagar 2nd Street 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 information.

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

The guideline value plays a crucial role in the registration process for property transactions in Neelankarai. When a property is bought or sold, the guideline value is used as a basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value as it can significantly impact the overall cost of purchasing property. The guideline value helps in determining the minimum price at which a property can be registered, promoting transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Raja Nagar 2nd Street?

The current guideline value of Raja Nagar 2nd Street 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 2nd Street?

Raja Nagar 2nd Street is classified as Residential Class I Type - I.

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 Raja Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total stamp duty and registration fee of Rs 3,96,000.