Guideline Value for Chakrapani Salai ( Ward No.23 )

Chakrapani Salai ( Ward No.23 ) guideline value

The current guideline value of Chakrapani Salai ( Ward No.23 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Chakrapani Salai ( Ward No.23 ) has changed

The guideline value for Chakrapani Salai ( Ward No.23 ) has seen several revisions over the years. The 2024 revision sets the value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in 2023, marking an 8% rise. Prior to that, the 2017 revision recorded a value of Rs 804 per sq.ft, reflecting a significant increase of 49% over the six years leading to 2023. There are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Overall, the guideline value has increased by 62% from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024. This consistent rise indicates a change in the valuation of properties in this area over the years.

Guideline values in Madhavaram

In Madhavaram village, 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. The guideline value for Chakrapani Salai ( Ward No.23 ) is below this median.

• Chakrapani Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Chamundeeswari Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Chandra Prabhu Colony (Ward-20): Rs 1,600 per sq.ft (2024)
• Chandraprabhu Layout & 1st cross st ( Ward No.20 ): Rs 1,600 per sq.ft (2024)
• Chandraprabhu Layout 2nd Main Rd ( Ward No.20 ): Rs 1,600 per sq.ft (2024)
• Chandraprabhu Layout 3rd Main Road ( Ward No.20 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Salai ( Ward No.23 )

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, bringing the total charges to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chakrapani Salai ( Ward No.23 )?

The Sub Registrar Office covering Chakrapani Salai ( Ward No.23 ) 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

When buying or selling property in Madhavaram, the guideline value is a crucial factor in determining the applicable stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government receives the appropriate taxes on property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the overall cost of property transactions. This value is periodically revised, reflecting changes in the real estate market and local development.

Frequently asked questions

What is the current guideline value of Chakrapani Salai ( Ward No.23 )?

The current guideline value of Chakrapani Salai ( Ward No.23 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, representing an overall increase of 62%. The value rose by 49% from 2017 to 2023 and by 8% from 2023 to 2024.

What is the land classification for Chakrapani Salai ( Ward No.23 )?

Chakrapani Salai ( Ward No.23 ) is classified as Residential Class III Type - I, indicating its designation for residential purposes.

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.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at 7%, along with a registration fee of Rs 26,000 at 2%.