Guideline Value for Rajaji Street (North)

Rajaji Street (North) guideline value

The current guideline value of Rajaji Street (North) 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 Street (North) has changed

The guideline value for Rajaji Street (North) has undergone several revisions over the years. The 2007 revision set the value at Rs 2,800 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, there was a decrease to Rs 4,355 per sq.ft in the 2017 revision. The value then rose sharply to Rs 6,500 per sq.ft in 2023, before reaching the current rate of Rs 7,100 per sq.ft in the 2024 revision.

In terms of percentage changes, the value increased by 132% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 9% increase. Overall, from 2007 to 2024, the guideline value has increased by 154%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 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 for these streets is Rs 8,800 per sq.ft, making the 2024 figure for Rajaji Street (North) below that median.

• Rajaji Nagar 3rd Street: Rs 7,100 per sq.ft (2024)
• Rajaji Nagar 2nd Street: Rs 7,100 per sq.ft (2024)
• Rajaji Nagar 1st Street: 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 Street (North)

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 at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that 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 details.

Which Sub Registrar Office covers Rajaji Street (North)?

The Sub Registrar Office that covers Rajaji Street (North) 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 SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering a property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the sale price and the guideline value are compared, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate fees based on the property's value, whether it is sold for more or less than the guideline value.

Frequently asked questions

What is the current guideline value of Rajaji Street (North)?

The current guideline value of Rajaji Street (North) 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 seen several revisions, increasing from Rs 2,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, with a rise of 132%.

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. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office is responsible for Rajaji Street (North)?

The Chennai Central Joint II Sub Registrar Office is responsible for Rajaji Street (North), located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand this value to ensure compliance and accurate fee calculations.