Guideline Value for Rajendra Nagar 7th Street

Rajendra Nagar 7th Street guideline value

The current guideline value of Rajendra Nagar 7th Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Rajendra Nagar 7th Street has changed

The guideline value for Rajendra Nagar 7th Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. However, the value saw a significant increase in 2023, rising to Rs 1,500 per sq.ft, and then further to Rs 1,700 per sq.ft in the 2024 revision. The register has no figure for this street in the years 2002, 2003, and 2007.

Between the revisions, there have been notable changes. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 13%.

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, with a median value of Rs 2,200 per sq.ft. The guideline value for Rajendra Nagar 7th Street is below this median.

• Rajendra Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 9th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Rajendra Nagar Pirathana Salai: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Rajendra Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to 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 Rajendra Nagar 7th Street?

The Sub Registrar Office that covers Rajendra Nagar 7th 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 plays a crucial role in the registration process of 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 the appropriate stamp duty and registration fees based on this value.

When buyers and sellers engage in a property transaction, the guideline value is used to calculate the stamp duty and registration fees. This means that regardless of the agreed sale price, the duty is charged on the higher value between the sale price and the guideline value, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Rajendra Nagar 7th Street?

The current guideline value for Rajendra Nagar 7th 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 seen several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024. The value also increased significantly from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023.

What is the land classification for Rajendra Nagar 7th Street?

Rajendra Nagar 7th Street falls under the Residential Class III Type - I land classification, indicating its suitability for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Rajendra Nagar 7th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 17,00,000, leading to a stamp duty of Rs 1,19,000.