Guideline Value for Rajalakshmi Avenue

Rajalakshmi Avenue guideline value

The current guideline value of Rajalakshmi Avenue is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class I Type - I.

How the guideline value of Rajalakshmi Avenue has changed

The guideline value for Rajalakshmi Avenue has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 150% rise. However, it then decreased to Rs 3,015 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,950 per sq.ft as of the 2024 revision, representing a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 175%. The revisions for the years 2002 and 2003 do not have figures listed for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Rajalakshmi Avenue's current guideline value above this median.

• Rajammal Street: Rs 3,850 per sq.ft (2024)
• Rajangam Mathya Veedhi: Rs 2,750 per sq.ft (2024)
• Rajendra Colony: Rs 4,950 per sq.ft (2024)
• Rajeswari Street: Rs 4,400 per sq.ft (2024)
• P.V. Rajamannar Salai: Rs 7,140 per sq.ft (2024)
• Puviyathamman Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, leading to a total of Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Rajalakshmi Avenue?

The Sub Registrar Office covering Rajalakshmi Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale or purchase of property.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that both buyers and sellers adhere to the legal requirements set by the Registration Department. This helps in maintaining transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Rajalakshmi Avenue?

The current guideline value of Rajalakshmi Avenue is Rs 4,950 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,800 per sq.ft to Rs 4,950 per sq.ft in 2024, marking an overall increase of 175% over the years.

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

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office handles the registration for Rajalakshmi Avenue?

The Virugambakkam Sub Registrar Office handles the registration for Rajalakshmi Avenue, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including the location and classification of the property. It is updated periodically to reflect changes in the real estate market.