Guideline Value for Rajeshwari Nagar Extension

Rajeshwari Nagar Extension guideline value

The current guideline value for Rajeshwari Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Rajeshwari Nagar Extension has changed

The guideline value for Rajeshwari Nagar Extension has undergone several revisions over the years. The earliest recorded revision was in 2002, but the register has no figure for this street in that year, nor for 2003, 2007, 2012, and 2023. The 2017 revision set the guideline value at Rs 1,340 per sq.ft.

In the latest revision of 2024, the guideline value increased significantly to Rs 2,200 per sq.ft, marking a change of +64% from the 2017 figure. This increase reflects adjustments made to the valuation of properties in the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Rajeshwari Nagar Extension is below this median.

• Rajeshwari Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Rajeshwari Nagar (Sri): Rs 2,200 per sq.ft (2024)
• Rajeswarai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari Avenue: Rs 2,200 per sq.ft (2024)
• Rajeshwari 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajeshwari Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rajeshwari Nagar Extension?

The Sub Registrar Office that covers Rajeshwari Nagar Extension is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the transaction is recorded at a fair value as per the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Rajeshwari Nagar Extension?

The current guideline value of Rajeshwari Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing a +64% increase. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2023 for this street.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 also have a guideline value of Rs 2,200 per sq.ft in 2024. This includes streets such as Rajeshwari Nagar Main Road, Rajeshwari Nagar (Sri), and others.

How is stamp duty calculated for properties in Rajeshwari Nagar Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.

Where can I find the Sub Registrar Office for Rajeshwari Nagar Extension?

The Velacheri Sub Registrar Office covers Rajeshwari Nagar Extension and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO through the provided link.