Guideline Value for Andal Nagar

Andal Nagar guideline value

The current guideline value of Andal Nagar, located in Madambakkam village under the Selaiyur SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Andal Nagar has changed

In the 2012 revision, the guideline value for Andal Nagar was set at Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 1,005 per sq.ft. Subsequently, the guideline value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and then to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year. The register has no figures for this street in 2002, 2003, and 2007.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, the guideline value has increased by 7% from 2012 to 2024.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing the guideline value for Andal Nagar below this median.

• Andal Nagar-Rukmani Devi Nagar: Rs 1,600 per sq.ft (2024)
• Andal Nagar-Vijayalakshmi Street: Rs 1,700 per sq.ft (2024)
• Anandhapuram: Rs 1,100 per sq.ft (2024)
• Anna 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Anna 1st Street: Rs 1,600 per sq.ft (2024)
• Anna 2nd Cross Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Andal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total charges to Rs 1,44,000. 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 precise calculations.

Which Sub Registrar Office covers Andal Nagar?

The Sub Registrar Office that covers Andal Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Andal Nagar?

The current guideline value of Andal Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 1,500 per sq.ft in 2012, decreasing to Rs 1,005 per sq.ft in 2017, and then increasing to Rs 1,500 per sq.ft in 2023, followed by a rise to Rs 1,600 per sq.ft in 2024.

What are the other streets in Madambakkam with similar guideline values?

Other streets in Madambakkam include Andal Nagar-Rukmani Devi Nagar and Anna 1st Cross Street, both at Rs 1,600 per sq.ft, and Andal Nagar-Vijayalakshmi Street at Rs 1,700 per sq.ft.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is generally 7%. This is calculated based on the higher of the guideline value or the sale price of the property.

Where can I find the Sub Registrar Office for Andal Nagar?

The Sub Registrar Office covering Andal Nagar is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more details by visiting the appropriate link.