Guideline Value for Rajiv Gandhi Nagar 1st Street

Rajiv Gandhi Nagar 1st Street guideline value

The current guideline value of Rajiv Gandhi Nagar 1st Street is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class III Type - II.

How the guideline value of Rajiv Gandhi Nagar 1st Street has changed

The guideline value for Rajiv Gandhi Nagar 1st Street has undergone several revisions over the years. Starting from Rs 143 per sq.ft in 2002, it increased to Rs 162 per sq.ft in 2003, marking a 13% rise. The value continued to grow, reaching Rs 260 per sq.ft in 2007, which was a 60% increase from the previous revision. By 2017, the value had significantly jumped to Rs 1,072 per sq.ft, reflecting a remarkable 312% increase over the 2007 figure.

In 2023, the guideline value was revised to Rs 1,600 per sq.ft, a 49% increase from the 2017 figure. The most recent revision in 2024 set the value at Rs 1,760 per sq.ft, which is a 10% increase from the previous year. It is important to note that the register does not have a figure for this street for the year 2012.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values in 2024 ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, indicating that Rajiv Gandhi Nagar 1st Street's current value is below this median.

• Rajiv Gandhi Nagar 2nd Street: Rs 1,760 per sq.ft (2024)
• Rajiv Gandhi Nagar 3rd Street: Rs 1,760 per sq.ft (2024)
• Rajiv Gandhi Nagar 4th Street: Rs 1,760 per sq.ft (2024)
• Rajiv Gandhi Nagar 5th Street: Rs 1,760 per sq.ft (2024)
• Rajiv Gandhi Street / Eswaran Nagar: Rs 2,750 per sq.ft (2024)
• Raj Street: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total fees together to Rs 1,58,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rajiv Gandhi Nagar 1st Street?

The Sub Registrar Office that covers Rajiv Gandhi Nagar 1st Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Pammal. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions adhere to the legal requirements set by the state.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar 1st Street?

The current guideline value of Rajiv Gandhi Nagar 1st Street is Rs 1,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 143 per sq.ft in 2002 to Rs 1,760 per sq.ft in 2024, marking an overall increase of 1131% over the years.

What is the land classification for Rajiv Gandhi Nagar 1st Street?

Rajiv Gandhi Nagar 1st Street is classified as Residential Class III Type - II, indicating its designation for residential use.

Where can I find the registration office for Rajiv Gandhi Nagar 1st Street?

The registration office for Rajiv Gandhi Nagar 1st Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Rajiv Gandhi Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200 at a rate of 7%.