Guideline Value for Raja Nagar Layout

Raja Nagar Layout guideline value

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

How the guideline value of Raja Nagar Layout has changed

The guideline value for Raja Nagar Layout has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 434 per sq.ft, which increased to Rs 472 per sq.ft in 2003. The next revision in 2007 saw a substantial increase to Rs 1,750 per sq.ft, followed by a rise to Rs 4,000 per sq.ft in 2012. However, the value decreased to Rs 2,680 per sq.ft in 2017. The 2023 revision brought it back up to Rs 4,000 per sq.ft, and the latest 2024 revision set the value at Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 914%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 129% increase from 2007 to 2012, a 271% increase from 2003 to 2007, and a 9% increase from 2002 to 2003. The register has no figures for the years not listed for this street.

Guideline values in Neelankarai

In Neelankarai, 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, with a median value of Rs 2,200 per sq.ft. The guideline value of Raja Nagar Layout is above this median.

• Raja Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• 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)
• 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 Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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 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 Layout?

The Sub Registrar Office that covers Raja Nagar Layout 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 when buying or selling property in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. The registration office will charge the stamp duty based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Raja Nagar Layout?

The current guideline value of Raja Nagar Layout 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 434 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 914% over the years.

What is the land classification for Raja Nagar Layout?

Raja Nagar Layout is classified as Residential Class I Type - I.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, while Raja Nagar Layout's value is above this median.

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.