Guideline Value for Rajaji Nagar

Rajaji Nagar guideline value

The current guideline value of Rajaji Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Rajaji Nagar has changed

The guideline value for Rajaji Nagar has seen several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

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 for these streets is Rs 2,750 per sq.ft, placing Rajaji Nagar's 2024 figure below that median.

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

Stamp duty and registration fee for property in Rajaji Nagar

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 is calculated at 7%, which totals Rs 1,54,000, and the registration fee is 2%, amounting to Rs 44,000. Therefore, the total cost for stamp duty and registration fee together is Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajaji Nagar?

The Rajaji Nagar area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

When buying or selling property in Madipakkam-1, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is accurately recorded with the appropriate authorities.

It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions. This value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

What is the current guideline value of Rajaji Nagar?

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

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value has increased by 64%, rising from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft.

What is the stamp duty rate in Rajaji Nagar?

The stamp duty rate for property transactions in Rajaji Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How many streets are there in Madipakkam-1?

There are 1,823 streets in Madipakkam-1 under the Velacheri SRO, with varying guideline values.