Guideline Value for Rajaji Nagar 1st Cross Street

Rajaji Nagar 1st Cross Street guideline value

The current guideline value of Rajaji Nagar 1st 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 and is classified as Residential Class II Type - I.

How the guideline value of Rajaji Nagar 1st Cross Street has changed

The guideline value for Rajaji Nagar 1st Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a significant increase from the 2017 revision, where the value was Rs 1,340 per sq.ft. This marks a change of +64% from 2017 to 2024. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has risen from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This indicates a considerable increase in the valuation of properties in this area over the specified period.

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 in this village is Rs 2,750 per sq.ft, placing Rajaji Nagar 1st Cross Street's 2024 figure below that median.

• Rajaji Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Rajaji Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Rajaji Nagar: Rs 2,200 per sq.ft (2024)
• Rajaji Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajaji Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Rajagopal Street Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Nagar 1st 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 fees 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rajaji Nagar 1st Cross Street?

The Sub Registrar Office that covers Rajaji Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Madipakkam-1. 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 buying or selling a property, the guideline value helps both parties understand the fair valuation of the property. It is essential to consider this value when negotiating sale prices to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Rajaji Nagar 1st Cross Street?

The current guideline value of Rajaji Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking a change of +64%.

What are the stamp duty and registration fees for properties 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 Sub Registrar Office handles registrations for Rajaji Nagar 1st Cross Street?

The Velacheri Sub Registrar Office handles registrations for Rajaji Nagar 1st Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties in Madipakkam-1?

The guideline value is determined based on various factors and is revised periodically by the Registration Department to reflect the current market conditions and property classifications.