Guideline Value for Rajaji Nagar 3rd Street

Rajaji Nagar 3rd Street guideline value

The current guideline value of Rajaji Nagar 3rd 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 3rd Street has changed

Over the years, the guideline value of Rajaji Nagar 3rd Street has seen significant changes. The earliest recorded revision was in 2007, with a guideline value of Rs 2,000 per sq.ft. This figure increased dramatically to Rs 6,500 per sq.ft in 2012, marking a rise of 225%. However, in 2017, the value dropped to Rs 4,355 per sq.ft, a decrease of 33%. The 2023 revision set the value at Rs 6,500 per sq.ft, and the most recent revision in 2024 established it at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2007 revision to the 2024 revision shows a substantial increase of 255%. It is important to note that the guideline value register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

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

• Rajaji Nagar 2nd 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 3rd Street

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

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

Which Sub Registrar Office covers Rajaji Nagar 3rd Street?

The Sub Registrar Office that covers Rajaji Nagar 3rd Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Nungambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating the applicable fees. Buyers should be aware that the stamp duty is charged based on the higher value between the guideline value and the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Rajaji Nagar 3rd Street?

The current guideline value of Rajaji Nagar 3rd 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 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 3rd Street?

Rajaji Nagar 3rd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles registrations for Rajaji Nagar 3rd Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Rajaji Nagar 3rd Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.