Guideline Value for Akbar Nagar (Ward-29)

Akbar Nagar (Ward-29) guideline value

The current guideline value of Akbar Nagar (Ward-29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

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

The guideline value for Akbar Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. In the 2023 revision, the value increased to Rs 1,200 per sq.ft, followed by a further increase to Rs 1,300 per sq.ft in 2024. The register has no figures for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 shows an increase of 8% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, making the current value of Akbar Nagar below this median.

• AKS Nagar: Rs 2,200 per sq.ft (2024)
• Alex Nagar A - Colony 1st st ( Ward No.8 ): Rs 2,200 per sq.ft (2024)
• Alex Nagar A - Colony 2nd st ( Ward No.8 ): Rs 2,200 per sq.ft (2024)
• Alex Nagar A - Colony 3rd st ( Ward No.8 ): Rs 2,200 per sq.ft (2024)
• Alex Nagar A - Colony 4th st ( Ward No.8 ): Rs 2,200 per sq.ft (2024)
• Alex Nagar A Colony Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Akbar 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, resulting in a total of 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.

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

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

The Sub Registrar Office that covers Akbar 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 figure used during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property.

When a buyer or seller engages in a transaction, the guideline value ensures that the property is registered at a fair value, reflecting the current market conditions as per the official register. This helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Akbar Nagar?

The current guideline value of Akbar Nagar (Ward-29) 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 from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

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

The stamp duty for a property valued at Rs 13,00,000 is Rs 91,000, and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Which office handles property registrations in Akbar Nagar?

The Madhavaram Sub Registrar Office handles property registrations in Akbar Nagar (Ward-29). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Akbar Nagar?

The land classification for Akbar Nagar (Ward-29) is Residential Class III Type - I.