Guideline Value for Alli Nagar (Ward-8)

Alli Nagar (Ward-8) guideline value

The current guideline value of Alli Nagar (Ward-8) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is governed by the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Alli Nagar (Ward-8) has changed

The guideline value for Alli Nagar (Ward-8) has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, which reflects an increase from the 2023 figure of Rs 1,200 per sq.ft. Notably, there was no change in the guideline value from 2012 to 2023, as it remained at Rs 1,200 per sq.ft. Overall, from 2012 to 2024, the guideline value has increased by 8%.

In earlier revisions, the register has no figures for the years 2002, 2003, 2007, and 2017. The 2012 revision also recorded a guideline value of Rs 1,200 per sq.ft, indicating stability during that period. The latest increase from 2023 to 2024 is 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 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, placing the 2024 figure for Alli Nagar (Ward-8) below this median.

• Alex Nager B Colony Periyar St (Ward-16): Rs 2,200 per sq.ft (2024)
• Alex Nager B Colony Lakshmi Nager (Ward-16): Rs 2,200 per sq.ft (2024)
• Alex Nager B Colony Kannadasan Nager (Ward-16): Rs 2,200 per sq.ft (2024)
• Alex Nager B Colony Avvaiyarstreet (Ward-16): Rs 2,200 per sq.ft (2024)
• Alex Nagar V Colony: Rs 2,200 per sq.ft (2024)
• Alex Nagar Main Road (Ward-08): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Alli Nagar (Ward-8)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the 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, totaling 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 also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Alli Nagar (Ward-8)?

The Sub Registrar Office that covers Alli Nagar (Ward-8) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. 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 the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures transparency and helps maintain a fair valuation process within the real estate market.

Frequently asked questions

What is the current guideline value of Alli Nagar (Ward-8)?

The current guideline value of Alli Nagar (Ward-8) 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 increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase. There was no change in the value from 2012 to 2023, remaining at Rs 1,200 per sq.ft.

What is the land classification of Alli Nagar (Ward-8)?

Alli Nagar (Ward-8) is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Alli Nagar (Ward-8)?

The Madhavaram Sub Registrar Office, which covers Alli Nagar (Ward-8), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for property in Alli Nagar (Ward-8)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.