Guideline Value for Rajalakshmi Nagar

Rajalakshmi Nagar guideline value

The current guideline value of Rajalakshmi Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Rajalakshmi Nagar has changed

In the 2017 revision, the guideline value was set at Rs 1,675 per sq.ft. This figure increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw the guideline value increase further to Rs 2,700 per sq.ft, representing an 8% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 61%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, placing Rajalakshmi Nagar's 2024 figure above this median.

• Rajaji St ( Ward No.28): Rs 2,200 per sq.ft (2024)
• Rajaji St ( Ward No.23): Rs 2,200 per sq.ft (2024)
• Rajaji St ( Ward No.14): Rs 2,200 per sq.ft (2024)
• Rajaji Street (Villivakkam Road): Rs 1,300 per sq.ft (2024)
• Rajaji Street (Lakshmipuram): Rs 1,300 per sq.ft (2024)
• Rajaji Street Avenue ( Ward No.14): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that 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 more detailed calculations.

Which Sub Registrar Office covers Rajalakshmi Nagar?

The Sub Registrar Office that covers Rajalakshmi Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that transactions are conducted at a fair rate, preventing undervaluation. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Rajalakshmi Nagar?

The current guideline value of Rajalakshmi Nagar is Rs 2,700 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 61%, rising from Rs 1,675 per sq.ft to Rs 2,700 per sq.ft.

What is the median guideline value for streets in Madhavaram?

The median guideline value for streets in Madhavaram is Rs 1,600 per sq.ft, with Rajalakshmi Nagar's 2024 figure being above this median.

What are the stamp duty and registration fees for property in Rajalakshmi Nagar?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Where is the Sub Registrar Office for Rajalakshmi Nagar located?

The Sub Registrar Office for Rajalakshmi Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.