Guideline Value for Rajiv Gandhi Avenue

Rajiv Gandhi Avenue guideline value

The current guideline value of Rajiv Gandhi Avenue is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Kottur village, under the Adayar SRO, and falls under the Residential Class IV Type - II land classification.

How the guideline value of Rajiv Gandhi Avenue has changed

Since the year 2002, the guideline value for Rajiv Gandhi Avenue has undergone several revisions. The 2002 revision recorded a value of Rs 592 per sq.ft, which increased to Rs 638 per sq.ft in 2003. The subsequent revisions saw significant changes, with the value rising to Rs 2,200 per sq.ft in 2007, followed by a decrease to Rs 4,500 per sq.ft in 2012. The 2017 revision marked an increase to Rs 3,015 per sq.ft, and by 2023, the value had risen to Rs 4,500 per sq.ft. The latest revision in 2024 set the guideline value at Rs 5,000 per sq.ft.

The changes between these revisions include an increase of 8% from 2002 to 2003, a remarkable 245% increase from 2003 to 2007, a 105% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, a 49% increase from 2017 to 2023, and an 11% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 745%.

Guideline values in Kottur

In Kottur village, there are 114 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value for these streets is Rs 6,100 per sq.ft, placing Rajiv Gandhi Avenue's 2024 figure below that median.

• River View Road: Rs 8,800 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 6,600 per sq.ft (2024)
• Pondicherry Road: Rs 6,600 per sq.ft (2024)
• Perumal Koil Street: Rs 6,100 per sq.ft (2024)
• Perumal Koil Lane: Rs 5,000 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty charged at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Gandhi Avenue?

The Sub Registrar Office that covers Rajiv Gandhi Avenue is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Kottur, as it determines the amount of stamp duty and registration fees payable. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value ensures that transactions are documented at a fair value, which helps in maintaining transparency in property dealings. It is essential for both buyers and sellers to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Avenue?

The current guideline value of Rajiv Gandhi Avenue is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, starting from Rs 592 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 745%.

What is the land classification for Rajiv Gandhi Avenue?

Rajiv Gandhi Avenue is classified under Residential Class IV Type - II, indicating its use for residential purposes.

What are the stamp duty rates for property in Rajiv Gandhi Avenue?

The stamp duty for property in Rajiv Gandhi Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Rajiv Gandhi Avenue located?

The Sub Registrar Office for Rajiv Gandhi Avenue is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone.