Guideline Value for THIRUVENGADAM NAGAR RAJIV GANDHI STREET

Thiruvengadam Nagar Rajiv Gandhi Street guideline value

The current guideline value of Thiruvengadam Nagar Rajiv Gandhi Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO with a land classification of Commercial Class I Type - III.

How the guideline value of Thiruvengadam Nagar Rajiv Gandhi Street has changed

The guideline value for Thiruvengadam Nagar Rajiv Gandhi Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and then to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, the guideline value has increased by 10% from the 2012 figure to the current 2024 figure. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a guideline value for 2024 ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Thiruvengadam Nagar Rajiv Gandhi Street's 2024 figure above the median.

• Thiruvengadam Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Thiruvengadam Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Thiruvengadam Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Thiruvengadam Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Thiruvengadam Nagar: Rs 2,750 per sq.ft (2024)
• Thiruveethi Amman Koil Street: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvengadam Nagar Rajiv Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 Thiruvengadam Nagar Rajiv Gandhi Street?

The Sub Registrar Office that covers Thiruvengadam Nagar Rajiv Gandhi Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It determines the minimum value at which a property can be registered and affects the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a benchmark for calculating the necessary charges. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Thiruvengadam Nagar Rajiv Gandhi Street?

The current guideline value of Thiruvengadam Nagar Rajiv Gandhi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Thiruvengadam Nagar Rajiv Gandhi Street?

Thiruvengadam Nagar Rajiv Gandhi Street is classified as Commercial Class I Type - III.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration in this area?

The Chennai South Joint I Sub Registrar Office handles the registration for properties in Thiruvengadam Nagar Rajiv Gandhi Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.