Guideline Value for Rajiv Nagar

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Kolumanivakkam village and falls under the Kunrathur SRO. The land classification for this street is Residential Special Type - III.

How the guideline value of Rajiv Nagar has changed

The guideline value for Rajiv Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 200 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012. However, it decreased to Rs 536 per sq.ft in 2017 before rising to Rs 800 per sq.ft again in 2023. The latest revision in 2024 has increased the guideline value to Rs 880 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision reflects a substantial increase of 340%. It is important to note that the register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Kolumanivakkam

In Kolumanivakkam, there are 47 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 880 to Rs 3,290 per sq.ft, with a median value of Rs 1,350 per sq.ft. Rajiv Nagar's current guideline value is below this median.

• Ramadoss Nagar: Rs 880 per sq.ft (2024)
• Punniyakodi Nagar: Rs 1,930 per sq.ft (2024)
• Sai Mahalakshmi Nagar: Rs 1,350 per sq.ft (2024)
• Sai Nagammal Avenue: Rs 2,200 per sq.ft (2024)
• Sai Vallalar Sivasankaran Nagar: Rs 1,650 per sq.ft (2024)
• Sathya Nagar: Rs 1,350 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 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty is charged at 7%, amounting to Rs 61,600, while the registration fee is 2%, which totals Rs 17,600. Together, the total fees would be Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajiv Nagar?

The Sub Registrar Office that covers Rajiv 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 Kolumanivakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Kolumanivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures transparency and accountability in the real estate market.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

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

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600, and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which office handles property registrations in Rajiv Nagar?

The Kunrathur Sub Registrar Office is responsible for property registrations in Rajiv Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification for Rajiv Nagar?

Rajiv Nagar is classified as Residential Special Type - III, which indicates its designated use for residential purposes.