Guideline Value for Rajiv Gandhi Street(M.G.R.Nagar)

Rajiv Gandhi Street(M.G.R.Nagar) guideline value

The current guideline value of Rajiv Gandhi Street(M.G.R.Nagar) is Rs 3,300 per sq.ft, as per the 2024 revision effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Rajiv Gandhi Street(M.G.R.Nagar) has changed

In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 3,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 3,300 per sq.ft, marking a 10% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, 2007, and 2017 for this street. Therefore, the only recorded revisions are from 2012, 2023, and 2024.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft as of 2024. The median guideline value in this area is Rs 4,900 per sq.ft, indicating that Rajiv Gandhi Street(M.G.R.Nagar) has a guideline value below this median.

• 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)
• Rajiv Gandhi Nagar: Rs 2,200 per sq.ft (2024)
• Ramaiya Street: Rs 4,100 per sq.ft (2024)
• Rajendra Naicken Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Street(M.G.R.Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rajiv Gandhi Street(M.G.R.Nagar)?

The Sub Registrar Office that covers Rajiv Gandhi Street(M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Kodambakkam. It serves as the benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is taken into account to calculate the applicable fees. If the sale price exceeds the guideline value, the duty will be charged based on the higher amount, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Street(M.G.R.Nagar)?

The current guideline value of Rajiv Gandhi Street(M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, marking a 10% increase overall. The value remained unchanged at Rs 3,000 per sq.ft in the 2023 revision.

What is the land classification of Rajiv Gandhi Street(M.G.R.Nagar)?

Rajiv Gandhi Street(M.G.R.Nagar) is classified as Residential Class IV Type - II, which indicates its suitability for residential purposes.

Where can I find the Ashok Nagar Sub Registrar Office?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office.

How is stamp duty calculated for properties in Rajiv Gandhi Street(M.G.R.Nagar)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.