Guideline Value for Rajendra Nagar 5th Street

Rajendra Nagar 5th Street guideline value

The current guideline value of Rajendra Nagar 5th Street, located in Neelankarai village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification.

How the guideline value of Rajendra Nagar 5th Street has changed

The guideline value for Rajendra Nagar 5th Street has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 81 per sq.ft. This increased to Rs 89 per sq.ft in 2003, marking a 10% rise. The value then experienced significant growth, reaching Rs 250 per sq.ft in 2007, which was a 181% increase. Following this, the value surged to Rs 1,500 per sq.ft in 2012, reflecting a 500% increase. However, it then decreased to Rs 1,005 per sq.ft in 2017, a drop of 33%. The value increased again to Rs 1,500 per sq.ft in 2023, and finally, it reached Rs 1,700 per sq.ft in 2024, representing a 13% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,999%. There are no figures available for the revisions in the years not mentioned in the register for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Rajendra Nagar 5th Street's 2024 figure below this median.

• Rajendra Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 7th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 8th Street: Rs 1,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty, charged at 7%, would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, these fees would total Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajendra Nagar 5th Street?

The Sub Registrar Office that covers Rajendra Nagar 5th Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to calculate the necessary fees associated with the transaction.

Frequently asked questions

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

The current guideline value of Rajendra Nagar 5th Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 81 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting a total increase of 1,999% over the years.

What is the land classification for Rajendra Nagar 5th Street?

Rajendra Nagar 5th Street falls under the Residential Class III Type - I land classification.

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

Other streets in Neelankarai with the same guideline value of Rs 1,700 per sq.ft include Rajendra Nagar 4th Street, Rajendra Nagar 6th Street, Rajendra Nagar 3rd Street, Rajendra Nagar 7th Street, Rajendra Nagar 2nd Street, and Rajendra Nagar 8th Street.

How are stamp duty and registration fees calculated for properties?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, for a property valued at Rs 17,00,000, the total fees would amount to Rs 1,53,000.