Guideline Value for Rajaji Nagar 31st Street

Rajaji Nagar 31st Street guideline value

The current guideline value of Rajaji Nagar 31st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Rajaji Nagar 31st Street has changed

The guideline value for Rajaji Nagar 31st Street has seen significant changes over the years. In the 2007 revision, the value was Rs 1,000 per sq.ft. This increased dramatically to Rs 3,000 per sq.ft in the 2012 revision, reflecting a 200% rise. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, marking a 10% increase from 2012.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%. It is important to note that the register has no figures for the years 2002, 2003, 2017, and 2023 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is the same as that of Rajaji Nagar 31st Street.

• Rajaji Nagar 30th Street: Rs 3,300 per sq.ft (2024)
• Rajaji Nagar 32nd Street: Rs 3,300 per sq.ft (2024)
• Rajaji Nagar 33rd Street: Rs 3,300 per sq.ft (2024)
• Rajaji Nagar 34th Street: Rs 3,300 per sq.ft (2024)
• Rajaji Nagar 35th Street: Rs 3,300 per sq.ft (2024)
• Rajaji Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Nagar 31st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Rajaji Nagar 31st Street?

The Rajaji Nagar 31st Street falls under the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded at a value that reflects the official assessment of the property’s worth.

Frequently asked questions

What is the current guideline value of Rajaji Nagar 31st Street?

The current guideline value of Rajaji Nagar 31st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking a total increase of 230% over this period.

What is the classification of Rajaji Nagar 31st Street?

Rajaji Nagar 31st Street is classified as Residential Class I Type - I under the Sembiam SRO.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.