Guideline Value for Raja Nagar

Raja Nagar guideline value

The current guideline value of Raja Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Raja Nagar has changed

Raja Nagar has seen several revisions in its guideline value over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 150 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in 2012, marking a substantial rise of 700%. However, the value then decreased to Rs 804 per sq.ft in 2017, which represented a drop of 33%. Following this, the guideline value increased again to Rs 1,200 per sq.ft in 2023, and then to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase from the previous year. Overall, from 2007 to 2024, the guideline value has risen by 780%.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. The revisions show a clear trajectory of increases and decreases, with the most recent revision indicating a continued upward trend in the guideline value.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the current figure for Raja Nagar below this median.

• Raja Nagar @ Gajalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Rajeswari Nagar: Rs 1,650 per sq.ft (2024)
• Raghavendra Nagar: Rs 990 per sq.ft (2024)
• Rajiv Nagar: Rs 990 per sq.ft (2024)
• Rajiv Nagar Extension: Rs 1,650 per sq.ft (2024)
• Rajiv Nagar Extn I, II and III: Rs 1,650 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty, charged at 7%, would be Rs 92,400, while the registration fee at 2% would be Rs 26,400. Therefore, the total cost for stamp duty and registration would be Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raja Nagar?

The Sub Registrar Office that covers Raja Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the sale price must meet or exceed the guideline value to ensure proper registration.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Raja Nagar?

The current guideline value of Raja Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 150 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 780% over the years.

What is the median guideline value in Varadarajapuram?

The median guideline value for streets in Varadarajapuram is Rs 1,650 per sq.ft, with Raja Nagar's current value being below this median.

What are the stamp duty and registration fees for a property in Raja Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Raja Nagar?

The Padappai Sub Registrar Office handles registrations for Raja Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.