Guideline Value for Chellaiya Nagar

Chellaiya Nagar guideline value

The current guideline value of Chellaiya Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Chellaiya Nagar has changed

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

The register does not have 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

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, and Chellaiya Nagar's 2024 figure aligns with this median.

• Chellaiya Nagar , Ponniammanmedu (Ward-23): 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 Chellaiya Nagar?

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 a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration laws.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is officially recorded and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Chellaiya Nagar?

The current guideline value of Chellaiya Nagar is Rs 1,600 per sq.ft as per the 2024 revision 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, reflecting an overall increase of 33% over this period.

What are the stamp duty and registration fees for property in Chellaiya Nagar?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers Chellaiya Nagar?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Chellaiya Nagar.

What is the land classification for Chellaiya Nagar?

Chellaiya Nagar is classified as Residential Class II Type - I according to the land classification guidelines.