Guideline Value for Rajiv Street

Rajiv Street guideline value

The current guideline value of Rajiv Street in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Rajiv Street has changed

The guideline value for Rajiv Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision has further raised it to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2012 revision to the 2024 revision, the overall change is an increase of 10%. Notably, the change from 2023 to 2024 reflects a 10% increase, while the jump from 2017 to 2023 shows a significant rise of 49%. The decrease from 2012 to 2017 was 33%.

Guideline values in Kodungaiyur

Kodungaiyur has 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft in 2024. The median guideline value for the area is Rs 2,700 per sq.ft, placing Rajiv Street's current value below this median.

• Ramakrishanan Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Rajiv Gandhi Nagar 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajiv Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. 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 Street?

The Madhavaram Sub Registrar Office covers Rajiv Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajiv Street?

The current guideline value of Rajiv Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Rajiv Street?

Rajiv Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in Rajiv Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,98,000.

Which office handles registrations for Rajiv Street?

The Madhavaram Sub Registrar Office handles registrations for Rajiv Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.