Guideline Value for Rajiv Gandhi Nagar

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar, located in Moulivakkam village under the Kunrathur SRO, is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Rajiv Gandhi Nagar has changed

Over the years, the guideline value of Rajiv Gandhi Nagar has experienced significant changes. The earliest recorded revision in 2003 set the value at Rs 113 per sq.ft. This figure increased to Rs 500 per sq.ft in 2007, marking a substantial rise of 342%. The value then saw a remarkable jump to Rs 2,200 per sq.ft in 2012, which represented an increase of 340%. However, between 2012 and 2017, the guideline value decreased to Rs 1,474 per sq.ft, a decline of 33%. The 2023 revision brought the value back up to Rs 2,200 per sq.ft, and the latest revision in 2024 set it at Rs 2,450 per sq.ft, reflecting an increase of 11% from the previous year.

It is important to note that there is no recorded guideline value for Rajiv Gandhi Nagar in 2002. Overall, from the 2003 revision to the current 2024 figure, there has been an impressive increase of 2068%.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median guideline value for this area is Rs 2,450 per sq.ft, which is equal to the current value of Rajiv Gandhi Nagar. Below are the guideline values for other streets in Moulivakkam:

• RajaRajan Nagar Extension: Rs 2,450 per sq.ft (2024)
• RajaRajan Nagar: Rs 2,450 per sq.ft (2024)
• Rajalakshmi Nagar: Rs 2,450 per sq.ft (2024)
• Rajagopal Avenue: Rs 2,450 per sq.ft (2024)
• Rajagopalapuram Avenue: Rs 2,650 per sq.ft (2024)
• Porur - Kundrathur Road: Rs 2,650 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 2,450 per sq.ft, the total guideline value amounts to Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, bringing the total cost to Rs 2,20,500. It is important to note that the duty is charged on the higher of the guideline value and 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Moulivakkam, as it determines the minimum value at which properties can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, buyers and sellers must be aware that the stamp duty is charged on the higher of the guideline value or the sale price. This means that if the sale price exceeds the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Nagar?

The current guideline value of Rajiv Gandhi Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 113 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, with various increases and decreases noted in revisions from 2003 to 2024.

What is the land classification of Rajiv Gandhi Nagar?

Rajiv Gandhi Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 24,50,000, the stamp duty would be Rs 1,71,500, and the registration fee would be Rs 49,000, totaling Rs 2,20,500.

Where can I find the Sub Registrar Office for Rajiv Gandhi Nagar?

The Kunrathur Sub Registrar Office, which covers Rajiv Gandhi Nagar, is located at No.59, Road Street, Kundrathur, Chennai -600 069.