Guideline Value for Rajaji Nagar 2nd Street

Rajaji Nagar 2nd Street guideline value

The current guideline value of Rajaji Nagar 2nd Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Rajaji Nagar 2nd Street has changed

Over the years, the guideline value of Rajaji Nagar 2nd Street has seen several revisions. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 4,355 per sq.ft in the 2017 revision. The value then rose to Rs 6,500 per sq.ft in the 2023 revision, and currently, it stands at Rs 7,100 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

In terms of percentage changes, the guideline value increased by 225% from 2007 to 2012, then decreased by 33% from 2012 to 2017. Following that, there was a significant increase of 49% from 2017 to 2023, and a further increase of 9% from 2023 to 2024. Overall, the guideline value has risen by 255% from 2007 to 2024.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Rajaji Nagar 2nd Street's 2024 figure below that median.

• Rajaji Nagar 3rd Street: Rs 7,100 per sq.ft (2024)
• Rajaji Nagar 1st Street: Rs 7,100 per sq.ft (2024)
• Rajaji Street (North): Rs 7,100 per sq.ft (2024)
• Pycrofts Garden Road: Rs 13,200 per sq.ft (2024)
• Pushpa Nagar (Slum Area): Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Main Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty charged at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees together to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajaji Nagar 2nd Street?

The Sub Registrar Office that covers Rajaji Nagar 2nd Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your specific SRO, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It is used as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is essential for calculating the stamp duty and registration fees that need to be paid at the time of registration.

It is important for buyers and sellers to be aware of the guideline value as it influences the overall cost of the transaction. This value ensures that properties are registered at a fair price, which is aligned with the prevailing market conditions as determined by the local authorities.

Frequently asked questions

What is the current guideline value of Rajaji Nagar 2nd Street?

The current guideline value of Rajaji Nagar 2nd Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 255%.

What is the land classification for Rajaji Nagar 2nd Street?

Rajaji Nagar 2nd Street is classified as Residential Class II Type - I.

Where can I find the registration office for Rajaji Nagar 2nd Street?

The registration office is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Rajaji Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 71,00,000, the stamp duty at 7% would be Rs 4,97,000.