Guideline Value for Rajiv Gandhi Nagar

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar, located in Menambedu village under the Ambattur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Rajiv Gandhi Nagar has changed

The guideline value for Rajiv Gandhi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was set at Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017, but the value increased to Rs 1,200 per sq.ft again in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 1,300 per sq.ft.

When examining the changes between these revisions, the value increased by 8% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, comparing the values from 2012 to 2024, there has been an increase of 8%.

Guideline values in Menambedu

In Menambedu, there are 171 streets under the Ambattur SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median guideline value for these streets is Rs 1,003 per sq.ft, making the 2024 figure for Rajiv Gandhi Nagar above this median.

• Ramadas Street: Rs 1,300 per sq.ft (2024)
• Rajaram Colony: Rs 1,001 per sq.ft (2024)
• Ramakrishna Nagar: Rs 1,002 per sq.ft (2024)
• Raja Rajeswari Nagar: Rs 1,002 per sq.ft (2024)
• Ramakrishnan Avenue: Rs 1,001 per sq.ft (2024)
• Ramakrishnan Street: Rs 1,001 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. 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 Nagar?

The Sub Registrar Office that covers Rajiv Gandhi Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Menambedu, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration laws and to calculate applicable fees.

During the registration process, the guideline value is used to assess the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar?

The current guideline value of Rajiv Gandhi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Rajiv Gandhi Nagar?

Rajiv Gandhi Nagar is classified as Residential Class II Type - I, which indicates the type of development permitted in the area.

What are the stamp duty rates applicable in Rajiv Gandhi Nagar?

The stamp duty rate applicable in Rajiv Gandhi Nagar is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Rajiv Gandhi Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.