Guideline Value for Rajeev Gandhi Nagar

Rajeev Gandhi Nagar guideline value

The current guideline value of Rajeev Gandhi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Nanmangalam village, under the Pallavaram SRO, and is classified as Mixed Type - II land.

How the guideline value of Rajeev Gandhi Nagar has changed

Since 2002, the guideline value for Rajeev Gandhi Nagar has seen significant changes. In 2002, the value was Rs 55 per sq.ft, which increased to Rs 127 per sq.ft in 2003, marking a change of +131%. The value further rose to Rs 300 per sq.ft in 2007, showing an increase of +136%. By 2012, the guideline value remained at Rs 2,500 per sq.ft, indicating no change from the previous revision. The 2023 revision also recorded Rs 2,500 per sq.ft, maintaining the same value as 2012.

However, in the 2024 revision, the guideline value jumped to Rs 3,300 per sq.ft, reflecting a substantial increase of +32% from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by +5900%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Rajeev Gandhi Nagar is above this median.

• Rajeev Nagar: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi 1 To 7 Streets: Rs 3,300 per sq.ft (2024)
• Rajaji Street: Rs 2,750 per sq.ft (2024)
• Rajiv Nagar 1 To 3 Street: Rs 3,300 per sq.ft (2024)
• Ramakrishnan Nagar: Rs 3,300 per sq.ft (2024)
• Ramanujar Garden: Rs 2,310 per sq.ft (2024)

Stamp duty and registration fee for property in Rajeev Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajeev Gandhi Nagar?

The Sub Registrar Office that covers Rajeev Gandhi Nagar 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 Nanmangalam

The guideline value plays a crucial role in the registration process of property transactions in Nanmangalam. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue during the transfer of property ownership.

Understanding the guideline value is essential for both buyers and sellers. It helps in determining the financial obligations involved in a property transaction, as well as ensuring that all legal requirements are met during the registration process.

Frequently asked questions

What is the current guideline value of Rajeev Gandhi Nagar?

The current guideline value of Rajeev Gandhi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much did the guideline value change from 2023 to 2024?

The guideline value increased by +32% from Rs 2,500 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024.

What was the guideline value in 2012?

The guideline value for Rajeev Gandhi Nagar in 2012 was Rs 2,500 per sq.ft, and it remained the same in 2023.

Which Sub Registrar Office covers the area of Rajeev Gandhi Nagar?

The Pallavaram Sub Registrar Office covers Rajeev Gandhi Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Rajeev Gandhi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would amount to Rs 2,31,000.