Guideline Value for Rajan Nagar 1st Street ( Ward No.29 )

Rajan Nagar 1st Street ( Ward No.29 ) guideline value

The current guideline value of Rajan Nagar 1st Street ( Ward No.29 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Rajan Nagar 1st Street ( Ward No.29 ) has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. From 2012 to 2024, there has been an increase of 7%, bringing the current guideline value to Rs 1,600 per sq.ft. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

Thus, the only revisions with figures for Rajan Nagar 1st Street ( Ward No.29 ) are from 2012 and the current 2024 revision. The 2024 figure aligns with the median guideline value of Rs 1,600 per sq.ft for the village of Madhavaram.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the guideline value of Rajan Nagar 1st Street ( Ward No.29 ). The following are other streets in Madhavaram:

• Rajan Nagar 2nd Street ( Ward No.29 ): Rs 1,600 per sq.ft (2024)
• Raja Nagar (Ward-01): Rs 2,200 per sq.ft (2024)
• Raja Nagar Road ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Raja Nagar Extension: Rs 2,200 per sq.ft (2024)
• Raja Nagar: Rs 1,600 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Rajan Nagar 1st Street ( Ward No.29 )

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajan Nagar 1st Street ( Ward No.29 )?

The Sub Registrar Office that covers Rajan Nagar 1st Street ( Ward No.29 ) 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 is a crucial factor in property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajan Nagar 1st Street ( Ward No.29 )?

The current guideline value of Rajan Nagar 1st Street ( Ward No.29 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What is the land classification for Rajan Nagar 1st Street ( Ward No.29 )?

Rajan Nagar 1st Street ( Ward No.29 ) is classified as Residential Class II Type - I. This classification is important for understanding the type of development permitted in the area.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How do stamp duty and registration fees work in property transactions?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. It is essential for buyers to be aware of these costs when planning a property transaction in Madhavaram.