Guideline Value for Chellaiya Nagar , Ponniammanmedu (Ward-23)

Chellaiya Nagar , Ponniammanmedu (Ward-23) guideline value

The current guideline value of Chellaiya Nagar , Ponniammanmedu (Ward-23) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Chellaiya Nagar , Ponniammanmedu (Ward-23) has changed

The guideline value for Chellaiya Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was later adjusted to Rs 1,005 per sq.ft in 2017, reflecting a decrease of 16%. However, from 2017 to 2023, the value rose significantly to Rs 1,500 per sq.ft, marking an increase of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, a 7% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Madhavaram

Madhavaram village has a range of guideline values across its 1946 streets under the Madhavaram SRO, with values varying from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the area is Rs 1,600 per sq.ft, which matches the current value of Chellaiya Nagar.

• Chellaiya Nagar: Rs 1,600 per sq.ft (2024)
• Chelliamman Koil Street (Ward-6): Rs 1,600 per sq.ft (2024)
• Chelliamman Koil St (Ward-07): Rs 1,600 per sq.ft (2024)
• Chelliamman Nagar: Rs 1,600 per sq.ft (2024)
• Chandra Prabu Colony: 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 Chellaiya Nagar , Ponniammanmedu (Ward-23)

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, making the total fees Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Chellaiya Nagar , Ponniammanmedu (Ward-23)?

The Sub Registrar Office that covers Chellaiya Nagar 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 is an important factor during the registration process of property transactions in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid at the time of registration.

When buying or selling property, the guideline value ensures that transactions are recorded accurately and transparently, reflecting the value of the property in the local market. This helps in maintaining uniformity in property transactions within the area.

Frequently asked questions

What is the current guideline value of Chellaiya Nagar?

The current guideline value of Chellaiya Nagar , Ponniammanmedu (Ward-23) 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with various revisions in between. The most recent increase was 7% from 2023 to 2024.

What is the land classification for Chellaiya Nagar?

Chellaiya Nagar is classified as Residential Class II Type - I, indicating its use 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 are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at Rs 1,600 per sq.ft would incur total fees of Rs 1,44,000.