Guideline Value for Rajeev Gandhi Street

Rajeev Gandhi Street guideline value

The current guideline value of Rajeev Gandhi Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Meenambakkam village under the Pammal SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Rajeev Gandhi Street has changed

Over the years, the guideline value of Rajeev Gandhi Street has seen several revisions. The 2007 revision set the value at Rs 935 per sq.ft, which increased to Rs 1,005 per sq.ft in 2017, marking a 7% rise. Following this, the value significantly jumped to Rs 1,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has further raised the guideline value to Rs 1,650 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2012 for Rajeev Gandhi Street. Overall, from 2007 to 2024, the guideline value has increased by 76%.

Guideline values in Meenambakkam

In Meenambakkam, there are 17 streets under the Pammal SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which means Rajeev Gandhi Street's current value is below this median.

• Pandian Street: Rs 3,300 per sq.ft (2024)
• Oowaiyar Street: Rs 3,300 per sq.ft (2024)
• Kumaran Street: Rs 3,850 per sq.ft (2024)
• Thiruvalluvar Street: Rs 4,400 per sq.ft (2024)
• Thiru-vi-ka Street: Rs 4,400 per sq.ft (2024)
• Kasi Garden: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Rajeev Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees would total Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajeev Gandhi Street?

Rajeev Gandhi Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Meenambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are essential costs associated with property transactions.

When buying or selling property, it is important to be aware that the guideline value may differ from the actual sale price. However, the registration process will use the higher of the two values to calculate the applicable fees.

Frequently asked questions

What is the current guideline value of Rajeev Gandhi Street?

The current guideline value of Rajeev Gandhi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 935 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 76% over this period.

What are the registration fees for properties in Rajeev Gandhi Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office handles Rajeev Gandhi Street?

The Pammal Sub Registrar Office handles Rajeev Gandhi Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of Rajeev Gandhi Street?

Rajeev Gandhi Street is classified under Residential Class IV Type - I, indicating its designation for residential use.