Guideline Value for Rajeev Gandhi Nagar 5th Street

Rajeev Gandhi Nagar 5th Street guideline value

The current guideline value of Rajeev Gandhi Nagar 5th Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Rajeev Gandhi Nagar 5th Street has changed

Over the years, the guideline value of Rajeev Gandhi Nagar 5th Street has undergone several revisions. The earliest recorded revision is from 2012, where the value was Rs 2,300 per sq.ft. This figure decreased to Rs 1,541 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49% to Rs 2,300 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 2,500 per sq.ft, reflecting a growth of 9% from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for Rajeev Gandhi Nagar 5th Street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 9%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which aligns with the current value for Rajeev Gandhi Nagar 5th Street. Below are other streets in Erukancherry with their respective guideline values:

• Rajeev Gandhi Nagar 5th Main Road: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 6th Street: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 4th Street: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 7th Street: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 4th Main Road: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Rajeev Gandhi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total cost for these charges to Rs 2,25,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Rajeev Gandhi Nagar 5th Street?

The Rajeev Gandhi Nagar 5th Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is valued fairly and helps in calculating the applicable stamp duty and registration fees.

When a property is sold, the guideline value is used to assess the transaction value for taxation purposes. Buyers and sellers must be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Rajeev Gandhi Nagar 5th Street?

The current guideline value of Rajeev Gandhi Nagar 5th Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, reflecting a 9% increase. It was Rs 1,541 per sq.ft in 2017, showing a significant increase of 49% to reach Rs 2,300 per sq.ft in 2023.

What is the land classification for Rajeev Gandhi Nagar 5th Street?

Rajeev Gandhi Nagar 5th Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Rajeev Gandhi Nagar 5th Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Madhavaram Sub Registrar Office covers Rajeev Gandhi Nagar 5th Street and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.