Guideline Value for Rajiv Gandhi Nagar

Rajiv Gandhi Nagar guideline value

The current guideline value of Rajiv Gandhi Nagar, located in Kodungaiyur village under the Madhavaram SRO, is Rs 2,200 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 revision was in 2002, 2003, 2007, 2012, and 2023, for which the register has no figure for this street. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, marking a significant increase of 64%.

From the 2017 revision to the 2024 revision, the guideline value rose from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft. This change reflects the adjustments made by the authorities to align with market conditions and property assessments.

Guideline values in Kodungaiyur

Kodungaiyur comprises 1,318 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, indicating that Rajiv Gandhi Nagar's 2024 figure is below this median.

• Rajiv Gandhi Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 5th Cross Street: Rs 2,200 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, 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 Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process for property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties must be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

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 much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Kodungaiyur?

The median guideline value for streets in Kodungaiyur is Rs 2,700 per sq.ft, with Rajiv Gandhi Nagar's 2024 figure being below this median.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in Rajiv Gandhi Nagar?

The Madhavaram Sub Registrar Office handles property registrations in Rajiv Gandhi Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.