Guideline Value for Rajalakshmi Nagar 8th Cross Street

Rajalakshmi Nagar 8th Cross Street guideline value

The current guideline value of Rajalakshmi Nagar 8th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Rajalakshmi Nagar 8th Cross Street has changed

The guideline value for Rajalakshmi Nagar 8th Cross Street has seen several revisions over the years. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The value then rose significantly to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024.

Overall, the changes from the 2007 revision to the 2024 revision show an increase of 120%. Specifically, the increase from 2023 to 2024 is 10%, while the jump from 2017 to 2023 is 49%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Rajalakshmi Nagar 8th Cross Street.

• Rajalakshmi Nagar 9th Cross Street (100 ft. Bye-Pass Road): Rs 13,200 per sq.ft (2024)
• Rajalakshmi Nagar 7th Cross Street (Facing 100 Ft. Bye-Pass Road): Rs 13,200 per sq.ft (2024)
• Rajalakshmi Nagar 7th Cross Street: Rs 13,200 per sq.ft (2024)
• Rajalakshmi Nagar 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Raja Lane: Rs 4,950 per sq.ft (2024)
• Rajalakshmi Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar 8th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty is charged at 7%, which totals Rs 3,08,000, and the registration fee at 2% amounts to Rs 88,000. Together, the total cost for these fees is Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajalakshmi Nagar 8th Cross Street?

The Sub Registrar Office that covers Rajalakshmi Nagar 8th Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Velachery, as it determines the minimum value at which properties can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally compliant.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property transactions and can influence negotiations between parties involved.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar 8th Cross Street?

The current guideline value of Rajalakshmi Nagar 8th Cross Street is Rs 4,400 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 4,400 per sq.ft in 2024, marking an overall increase of 120% over these years.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations for Rajalakshmi Nagar 8th Cross Street?

The Velacheri Sub Registrar Office handles property registrations for Rajalakshmi Nagar 8th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of land for Rajalakshmi Nagar 8th Cross Street?

The land classification for Rajalakshmi Nagar 8th Cross Street is Residential Class II Type - II.