Guideline Value for Benny Colony (Ward-04)

Benny Colony (Ward-04) guideline value

The current guideline value of Benny Colony (Ward-04) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO with a land classification of Residential Class I Type - I.

How the guideline value of Benny Colony (Ward-04) has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the value increased significantly to Rs 2,200 per sq.ft, reflecting a rise of 64%. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

The register has no figure for the years 2023, 2007, 2003, and 2002 for this street.

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. Benny Colony (Ward-04) is above this median with its current figure of Rs 2,200 per sq.ft.

• Benny Nagar 1st Cross St (Ward-04): Rs 2,200 per sq.ft (2024)
• Benny Nagar 2nd Cross St (Ward-04): Rs 2,200 per sq.ft (2024)
• Bazaar st ( Ward No.10 ): Rs 3,300 per sq.ft (2024)
• Bhagavat Singh St (Ward-10): Rs 2,200 per sq.ft (2024)
• Bhakthavatchalam Nagar (Ward-01): Rs 2,200 per sq.ft (2024)
• Bavani Nagar ( Ward No.26 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Benny Colony (Ward-04)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total cost of Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Benny Colony (Ward-04)?

The Madhavaram Sub Registrar Office covers Benny Colony (Ward-04). The office is 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 is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately and legally.

When buying or selling property, the guideline value helps to establish a baseline for the property's worth, which is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Benny Colony (Ward-04)?

The current guideline value of Benny Colony (Ward-04) 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then to Rs 2,200 per sq.ft in 2024. This reflects a decline from 2012 to 2017, followed by a significant increase from 2017 to 2024.

What is the land classification for Benny Colony (Ward-04)?

Benny Colony (Ward-04) is classified as Residential Class I Type - I, indicating its suitability for residential development.

What other streets have the same guideline value in Madhavaram?

Other streets in Madhavaram with the same guideline value of Rs 2,200 per sq.ft include Benny Nagar 1st Cross St, Benny Nagar 2nd Cross St, Bhagavat Singh St, and Bhakthavatchalam Nagar.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.