Guideline Value for RajivGandhi Street

RajivGandhi Street guideline value

The current guideline value of RajivGandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO, and falls under Residential Class IV Type - I land classification.

How the guideline value of RajivGandhi Street has changed

The guideline value for RajivGandhi Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 251 per sq.ft. This increased to Rs 278 per sq.ft in 2003, marking an 11% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, which was a substantial increase of 80%. The 2012 revision saw the value drop to Rs 3,000 per sq.ft, reflecting a decrease of 33% from the previous figure. However, the value rebounded to Rs 2,010 per sq.ft in 2017, an increase of 49% from 2012. The 2023 revision set the value at Rs 3,000 per sq.ft, and the most recent 2024 revision raised it to Rs 3,300 per sq.ft, representing a 10% increase.

There are no figures for the years not listed in the register for this street. The overall change from 2002 to 2024 is a remarkable increase of 1215%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. RajivGandhi Street's 2024 figure is below this median, indicating a competitive pricing structure within the locality.

• Raji Street: Rs 2,750 per sq.ft (2024)
• Rajeshwari Colony (Near Arcot Road): Rs 4,950 per sq.ft (2024)
• Ramasamy Road: Rs 8,800 per sq.ft (2024)
• Rajalakshmi Avenue: Rs 6,600 per sq.ft (2024)
• Rajaji Colony (Near SBI Colony): Rs 4,400 per sq.ft (2024)
• Rathna Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in RajivGandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers RajivGandhi Street?

The Sub Registrar Office that covers RajivGandhi Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is considered for calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications associated with the transaction.

Frequently asked questions

What is the current guideline value of RajivGandhi Street?

The current guideline value of RajivGandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 251 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1215% over this period.

What is the stamp duty for properties in RajivGandhi Street?

The stamp duty for properties in RajivGandhi Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for RajivGandhi Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the guideline values of other streets in Virugambakkam?

Other streets in Virugambakkam have varying guideline values, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with RajivGandhi Street's value being below the median of Rs 4,400 per sq.ft.