Guideline Value for Rajiv Gandhi Nagar

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class V Type - I.

How the guideline value of Rajiv Gandhi Nagar has changed

Over the years, the guideline value of Rajiv Gandhi Nagar has seen several revisions. In 2007, the guideline value was Rs 620 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 223%. However, from 2012 to 2017, there was a decrease to Rs 1,340 per sq.ft, reflecting a drop of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, a notable gain of 49% from the previous revision. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from 2023.

The register does not contain figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 255%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with the 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Rajiv Gandhi Nagar's 2024 figure below this median.

• Rajendra Naicken Street: Rs 3,300 per sq.ft (2024)
• Rajeev Gandhi Street: Rs 3,300 per sq.ft (2024)
• Rajiv Gandhi Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Rajunaicken Street (Raju St): Rs 6,600 per sq.ft (2024)
• Ramachandran Street (JPT): Rs 4,100 per sq.ft (2024)
• Ramachandran Street (w.M): Rs 5,500 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 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, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajiv Gandhi Nagar?

The Sub Registrar Office covering Rajiv Gandhi Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Kodambakkam, as it determines the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. This value serves as a benchmark for property transactions, helping to maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar?

The current guideline value of Rajiv Gandhi Nagar 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 620 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 255% over the years.

What are the stamp duty and registration fees for properties in Rajiv Gandhi Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 1,98,000.

Which office handles registrations for Rajiv Gandhi Nagar?

The Ashok Nagar Sub Registrar Office handles registrations for Rajiv Gandhi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value for streets in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, while Rajiv Gandhi Nagar's current value is below this median.