Guideline Value for Raja Rajeswari Nagar 7th Cross Street

Raja Rajeswari Nagar 7th Cross Street guideline value

The current guideline value of Raja Rajeswari Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Raja Rajeswari Nagar 7th Cross Street has changed

The guideline value for Raja Rajeswari Nagar 7th Cross Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which was then increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant increase of 49%. The latest revision in 2024 has further raised the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing the 2024 figure for Raja Rajeswari Nagar 7th Cross Street below this median.

• Raja Rajeswari Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Raja Rajeswari Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Raja Rajeswari Nagar 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajarajeswari Nagar Extension: Rs 2,200 per sq.ft (2024)
• Raja Rajeswari Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Raja Rajeswari Nagar Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Rajeswari Nagar 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Raja Rajeswari Nagar 7th Cross Street?

The Raja Rajeswari Nagar 7th Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Raja Rajeswari Nagar 7th Cross Street?

The current guideline value for Raja Rajeswari Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%, rising from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current guideline value for Raja Rajeswari Nagar 7th Cross Street.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Raja Rajeswari Nagar 7th Cross Street?

The Velacheri Sub Registrar Office handles the registration for Raja Rajeswari Nagar 7th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.