Guideline Value for Adhivasi Colony

Adhivasi Colony guideline value

The current guideline value of Adhivasi Colony in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 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 Adhivasi Colony has changed

Over the years, the guideline value of Adhivasi Colony has seen several revisions. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in 2023, marking an 8% rise. Prior to that, the 2017 revision recorded a value of Rs 804 per sq.ft, which was a significant increase of 49% from the previous 2012 figure of Rs 1,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value. Overall, from 2012 to 2024, the guideline value has increased by 8%, reflecting the fluctuations in property values in the area.

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 for Adhivasi Colony is below this median.

• Adhi Sesha Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Adinath Nagar (Ward 11): Rs 2,200 per sq.ft (2024)
• Adhi Nagar: Rs 1,300 per sq.ft (2024)
• Adhilakshmi Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• A.D.V. Nagar (Ward-01): Rs 1,600 per sq.ft (2024)
• Abirami Nagar (Ward-29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Adhivasi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to 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 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 Adhivasi Colony?

The Sub Registrar Office that covers Adhivasi Colony is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used as a basis for calculating the stamp duty and registration fees when a property is bought or sold. This ensures that the government receives the appropriate revenue from property transactions in the area.

When registering a property, buyers must be aware that the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This means that understanding the current guideline value is essential for accurate budgeting during a property transaction.

Frequently asked questions

What is the current guideline value of Adhivasi Colony?

The current guideline value of Adhivasi Colony is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. There was a significant increase from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023.

What land classification does Adhivasi Colony fall under?

Adhivasi Colony is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Adhivasi Colony?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 and a registration fee of Rs 26,000.

Where can I find the Sub Registrar Office for Adhivasi Colony?

The Sub Registrar Office for Adhivasi Colony is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information on how to locate your SRO online.