Guideline Value for Rajaji Colony (Near SBI Colony)

Rajaji Colony (Near SBI Colony) guideline value

The current guideline value for Rajaji Colony (Near SBI Colony) is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Rajaji Colony (Near SBI Colony) has changed

The guideline value for Rajaji Colony (Near SBI Colony) has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 493 per sq.ft. This figure increased to Rs 546 per sq.ft in 2003, marking a change of +11%. The value then rose significantly to Rs 1,100 per sq.ft in 2007, which was an increase of +101%. The 2012 revision saw the value drop to Rs 4,000 per sq.ft, reflecting a decrease of -33%. However, it rebounded to Rs 2,680 per sq.ft in 2017, a rise of +49%. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 4,400 per sq.ft, resulting in a change of +10%.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +792%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value for Rajaji Colony (Near SBI Colony).

• Rajalakshmi Avenue: Rs 6,600 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)
• Rajeshwari Colony (Near Arcot Road): Rs 4,950 per sq.ft (2024)
• Raji Street: Rs 2,750 per sq.ft (2024)
• RajivGandhi Street: Rs 3,300 per sq.ft (2024)
• Ramasamy Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Colony (Near SBI Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees 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 also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Rajaji Colony (Near SBI Colony)?

The Sub Registrar Office that covers Rajaji Colony (Near SBI Colony) is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value of the property, which is essential for calculating stamp duty and registration fees.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that all transactions are fairly assessed according to the established values in the area.

Frequently asked questions

What is the current guideline value for Rajaji Colony (Near SBI Colony)?

The current guideline value for Rajaji Colony (Near SBI Colony) 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 493 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +792% over the years.

What is the land classification for Rajaji Colony (Near SBI Colony)?

The land classification for Rajaji Colony (Near SBI Colony) is Residential Class III Type - I.

Where is the Sub Registrar Office for Rajaji Colony (Near SBI Colony) located?

The Sub Registrar Office for Rajaji Colony (Near SBI Colony) is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Rajaji Colony (Near SBI Colony)?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.