Guideline Value for Abirami Nagar (Ward-29)

Abirami Nagar (Ward-29) guideline value

The current guideline value of Abirami Nagar (Ward-29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This locality is situated in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Abirami Nagar (Ward-29) has changed

The guideline value of Abirami Nagar has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in 2017, marking a significant drop of 33%. However, from 2017 to 2023, there was a substantial increase of 49%, bringing the value back up to Rs 1,200 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Abirami Nagar for 2024 is below this median.

• Abirami Nagar: Rs 1,300 per sq.ft (2024)
• Adhilakshmi Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• Adhi Nagar: Rs 1,300 per sq.ft (2024)
• Adhi Sesha Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Adhivasi Colony: Rs 1,300 per sq.ft (2024)
• Aavin Illam (Ward-08): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Abirami Nagar (Ward-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Abirami Nagar (Ward-29)?

The Sub Registrar Office that covers Abirami Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value as per government standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures that both buyers and sellers are aware of the financial obligations involved in the property transfer process.

Frequently asked questions

What is the current guideline value of Abirami Nagar (Ward-29)?

The current guideline value of Abirami Nagar (Ward-29) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various changes, with the most recent increase from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, a rise of 8%. The value dropped from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017 before recovering to Rs 1,200 per sq.ft in 2023.

What are the stamp duty and registration fees for property in Abirami Nagar?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office is responsible for Abirami Nagar?

The Madhavaram Sub Registrar Office is responsible for Abirami Nagar (Ward-29). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Abirami Nagar?

Abirami Nagar is classified as Residential Class III Type - I, indicating its designation for residential development within the area.