Guideline Value for Rajapazham Colony Street

Rajapazham Colony Street guideline value

The current guideline value of Rajapazham Colony Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Rajapazham Colony Street has changed

The guideline value for Rajapazham Colony Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which was a significant increase from the previous years, although there were no figures recorded for the years 2002, 2003, and 2017. By 2012, the value had risen to Rs 3,000 per sq.ft, remaining unchanged until the 2023 revision, which also recorded Rs 3,000 per sq.ft.

In 2024, the guideline value increased to Rs 3,300 per sq.ft, marking a 10% rise from the 2023 figure. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the 2024 figure for Rajapazham Colony Street.

• Rajarajan Street: Rs 3,300 per sq.ft (2024)
• Rajaram Street: Rs 3,300 per sq.ft (2024)
• Raja Joseph Colony: Rs 3,300 per sq.ft (2024)
• Rajaji Street: Rs 3,300 per sq.ft (2024)
• Rajaji Cross Street: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Rajapazham Colony Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Rajapazham Colony Street?

The Sub Registrar Office that covers Rajapazham Colony Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajapazham Colony Street?

The current guideline value of Rajapazham Colony Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 230% during this period.

What are the other streets in Zaminpallavaram with the same guideline value?

Other streets in Zaminpallavaram with the same guideline value of Rs 3,300 per sq.ft in 2024 include Rajarajan Street, Rajaram Street, Raja Joseph Colony, Rajaji Street, and Rajaji Cross Street.

What is the registration fee for properties on Rajapazham Colony Street?

The registration fee for properties on Rajapazham Colony Street is calculated based on the guideline value or sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a registration fee of Rs 66,000 at 2%.

Where can I find the Sub Registrar Office for Rajapazham Colony Street?

The Sub Registrar Office for Rajapazham Colony Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.