Guideline Value for Rajiv Gandhi Street

Rajiv Gandhi Street guideline value

The current guideline value of Rajiv Gandhi Street in Chembakkam village is Rs 850 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Residential Class IV Type - II.

How the guideline value of Rajiv Gandhi Street has changed

The guideline value for Rajiv Gandhi Street has undergone several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012. However, it then decreased to Rs 469 per sq.ft in 2017. Following that, the value saw a substantial rise to Rs 800 per sq.ft in 2023, and the most recent revision in 2024 has set it at Rs 850 per sq.ft. The register has no figures for this street for the years 2002 and 2003.

In terms of percentage changes, from 2007 to 2012, there was an increase of 180%. However, from 2012 to 2017, the value decreased by 33%. The most notable change occurred between 2017 and 2023, with a rise of 71%. Finally, from 2023 to 2024, the increase was 6%. Overall, from 2007 to 2024, the guideline value has increased by 240%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. Rajiv Gandhi Street's 2024 guideline value is below this median.

• Rajiv Gandhi Nagar: Rs 850 per sq.ft (2024)
• RajivGandhi 3rd Street: Rs 850 per sq.ft (2024)
• Rajiv Gandhi 3rd Cross Street: Rs 850 per sq.ft (2024)
• RajivGandhi 2nd Street: Rs 850 per sq.ft (2024)
• Rajiv Gandhi 2nd Cross Street: Rs 850 per sq.ft (2024)
• RajivGandhi 1st Street: Rs 850 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 850 per sq.ft, the total guideline value amounts to Rs 8,50,000. The stamp duty, charged at 7%, would be Rs 59,500, while the registration fee at 2% would be Rs 17,000, bringing the total to Rs 76,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajiv Gandhi Street?

The Sub Registrar Office that covers Rajiv Gandhi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Chembakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value ensures that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This practice helps maintain transparency and fairness in property dealings, ensuring that the government can effectively regulate property transactions.

Frequently asked questions

What is the current guideline value of Rajiv Gandhi Street?

The current guideline value of Rajiv Gandhi Street is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most significant increase occurring from 2017 to 2023, where it rose by 71%. Overall, from 2007 to 2024, the value has increased by 240%.

What is the land classification of Rajiv Gandhi Street?

Rajiv Gandhi Street is classified as Residential Class IV Type - II, indicating its suitability for residential purposes.

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

The Sub Registrar Office for Rajiv Gandhi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Chembakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 8,50,000, the stamp duty would be Rs 59,500 at a rate of 7%.