Guideline Value for Andal Nagar Extn

Andal Nagar Extn guideline value

The current guideline value of Andal Nagar Extn is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Andal Nagar Extn has changed

The guideline value for Andal Nagar Extn has seen several revisions over the years. In the 2017 revision, the value was set at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which means that the guideline value for Andal Nagar Extn is below this median.

• Andal Street, Balaiah Garden: Rs 3,850 per sq.ft (2024)
• Andal Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Andavar Street: Rs 2,200 per sq.ft (2024)
• Andavar Street, Balaiah Garden: Rs 3,850 per sq.ft (2024)
• Andavar Street / Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Andal Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Andal Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total costs together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Andal Nagar Extn?

The Andal Nagar Extn area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on either the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Andal Nagar Extn?

The current guideline value of Andal Nagar Extn is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What is the land classification for Andal Nagar Extn?

Andal Nagar Extn is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2% of the guideline value. These fees are based on the higher of the guideline value or the sale price.