Guideline Value for Rajeev Nagar

Rajeev Nagar guideline value

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

How the guideline value of Rajeev Nagar has changed

Over the years, the guideline value for Rajeev Nagar has seen significant changes. In 2002, the guideline value was Rs 55 per sq.ft, which increased to Rs 85 per sq.ft in 2003, marking a 55% rise. This was followed by a substantial increase to Rs 300 per sq.ft in 2007, representing a 253% change. From 2007 to 2012, the value surged to Rs 2,500 per sq.ft, showing a remarkable 733% increase. However, there was no change from 2012 to 2023, as the value remained at Rs 2,500 per sq.ft. The most recent revision in 2024 saw the guideline value rise to Rs 3,300 per sq.ft, which is a 32% increase from the previous year.

It is important to note that the register has no figure for Rajeev Nagar for the year 2017. Overall, from 2002 to 2024, the guideline value has increased by 5,900%.

Guideline values in Nanmangalam

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

• Rajeev Gandhi Nagar: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi 1 To 7 Streets: Rs 3,300 per sq.ft (2024)
• Rajiv Nagar 1 To 3 Street: Rs 3,300 per sq.ft (2024)
• Rajaji Street: Rs 2,750 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 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, while the registration fee at 2% would be Rs 66,000. Together, the total cost would be Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajeev Nagar?

The Sub Registrar Office that covers Rajeev 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 properties in Nanmangalam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate applicable duties and fees, ensuring that the transaction is in compliance with local regulations.

When a property is registered, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Rajeev Nagar?

The current guideline value of Rajeev Nagar 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 changed significantly from Rs 55 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 5,900%.

What are the stamp duty and registration fees for property in Rajeev Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Rajeev Nagar?

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

What is the land classification for Rajeev Nagar?

The land classification for Rajeev Nagar is Mixed Type - II.