Guideline Value for Rajiv Nagar

Rajiv Nagar guideline value

The current guideline value of Rajiv Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 990 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Rajiv Nagar has changed

The guideline value of Rajiv Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 120 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2012, marking a rise of 650%. However, in the 2017 revision, the value dropped to Rs 603 per sq.ft, a decrease of 33%. The value then increased to Rs 900 per sq.ft in 2023, followed by a further rise to Rs 990 per sq.ft in 2024, reflecting a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 725%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, positioning Rajiv Nagar's 2024 figure below that median.

• Rajiv Nagar Extension: Rs 1,650 per sq.ft (2024)
• Rajiv Nagar Extn I, II and III: Rs 1,650 per sq.ft (2024)
• Rajeswari Nagar: Rs 1,650 per sq.ft (2024)
• Raja Nagar @ Gajalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Raja Nagar: Rs 1,320 per sq.ft (2024)
• Raghavendra Nagar: Rs 990 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, totaling Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value and 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 covering Rajiv Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Varadarajapuram. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value influences the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an official valuation. This helps maintain transparency in property transactions and ensures that all parties are aware of the financial obligations involved.

Frequently asked questions

What is the current guideline value of Rajiv Nagar?

The current guideline value of Rajiv Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 120 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, reflecting a total increase of 725% over the years.

What are the stamp duty rates for properties in Rajiv Nagar?

The stamp duty for properties in Rajiv Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rajiv Nagar?

The Padappai Sub Registrar Office covers Rajiv Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the median guideline value in Varadarajapuram?

The median guideline value for streets in Varadarajapuram is Rs 1,650 per sq.ft, with Rajiv Nagar's current value being below this median.