Guideline Value for Rajiv Nagar

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar, located in Kovilambakkam village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Rajiv Nagar has changed

The guideline value of Rajiv Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which was later revised down to Rs 1,809 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,700 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 2,970 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for Rajiv Nagar. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kovilambakkam

Kovilambakkam has a total of 61 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value among these streets is Rs 2,750 per sq.ft, placing Rajiv Nagar's 2024 figure above that median.

• Rajeswari Nagar: Rs 1,320 per sq.ft (2024)
• Rose Nagar: Rs 2,970 per sq.ft (2024)
• Rose Nagar 1 & 2 Main Road: Rs 2,970 per sq.ft (2024)
• PMD Nagar: Rs 4,070 per sq.ft (2024)
• Pillaiyar Koil 1 to 4 Streets: Rs 2,160 per sq.ft (2024)
• Periyar Salai: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400. Together, the total for stamp duty and registration fee would be Rs 2,67,300. Please 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 Nagar?

The Sub Registrar Office that covers Rajiv Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable fees. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, then increased to Rs 2,700 per sq.ft in 2023, and finally to Rs 2,970 per sq.ft in 2024.

What is the land classification for Rajiv Nagar?

The land classification for Rajiv Nagar is Commercial Class I Type - II.

Where is the Sub Registrar Office for Rajiv Nagar located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Rajiv Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,07,900.