Guideline Value for Raja Nagar

Raja Nagar guideline value

The current guideline value for Raja Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Raja Nagar has changed

Looking at the revisions, the guideline value for Raja Nagar was Rs 1,500 per sq.ft in 2012. It then decreased to Rs 1,005 per sq.ft in 2017. From 2017, the value increased significantly to Rs 1,600 per sq.ft in 2024, marking a 59% rise from the previous revision. The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%. The fluctuations in the guideline value reflect changes in the local real estate landscape over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value for Raja Nagar.

• Raja Nagar Extension: Rs 2,200 per sq.ft (2024)
• Raja Nagar Road ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Raja Nagar (Ward-01): Rs 2,200 per sq.ft (2024)
• Rajan Nagar 1st Street ( Ward No.29 ): Rs 1,600 per sq.ft (2024)
• Rajan Nagar 2nd Street ( Ward No.29 ): Rs 1,600 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty, charged at 7%, would be Rs 1,12,000, and the registration fee, charged at 2%, would be Rs 32,000. Together, these fees would total Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the fees applicable to your property transaction.

Which Sub Registrar Office covers Raja Nagar?

The Raja Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role during property registration in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Raja Nagar?

The current guideline value for Raja Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Raja Nagar has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

What is the land classification for Raja Nagar?

Raja Nagar falls under the Residential Class II Type - I land classification, which indicates its intended use for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in the Raja Nagar area.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, on a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 1,44,000.