Guideline Value for Rajaji Street

Rajaji Street guideline value

The current guideline value of Rajaji Street in Parangimalai village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Rajaji Street has changed

The guideline value of Rajaji Street has seen significant changes over the years. In 2002, the value was Rs 256 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a 25% rise. The value continued to increase, reaching Rs 750 per sq.ft in 2007, a 134% increase from the previous revision. By 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a substantial 367% increase from 2007. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%.

From 2017 to 2023, the value rose significantly again to Rs 3,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. The overall change from 2002 to 2024 is an impressive 1,404% increase.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the guideline value of Rajaji Street.

• Rajaji Street (Kalaignar Nagar): Rs 3,850 per sq.ft (2024)
• Rajapalaiyam Street: Rs 2,750 per sq.ft (2024)
• Railway Station Road: Rs 4,400 per sq.ft (2024)
• Raja Street 10th Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 1st Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 2nd Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajaji Street?

The Sub Registrar Office that covers Rajaji Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration of property transactions in Parangimalai. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value ensures that the property is assessed at a fair rate for taxation purposes.

When a buyer or seller approaches the registration office, the guideline value is referenced to calculate the necessary fees. This process helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Rajaji Street?

The current guideline value of Rajaji Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2002?

Since 2002, the guideline value of Rajaji Street has increased by 1,404%, from Rs 256 per sq.ft to Rs 3,850 per sq.ft in 2024.

What is the land classification for Rajaji Street?

Rajaji Street is classified as Residential Class II Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for property in Rajaji Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Rajaji Street located?

The Sub Registrar Office for Rajaji Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.