Guideline Value for Chelliamman Koil St (Ward-07)

Chelliamman Koil St (Ward-07) guideline value

The current guideline value for Chelliamman Koil St (Ward-07) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Chelliamman Koil St (Ward-07) has changed

The guideline value for Chelliamman Koil St has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, an increase of 59% from the 2017 revision, which was Rs 1,005 per sq.ft. Prior to that, in 2012, the value was Rs 1,200 per sq.ft, marking a decrease of 16% from 2012 to 2017.

Overall, from 2012 to 2024, the guideline value has increased by 33%. It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2023 for this street.

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. The median guideline value in this area is Rs 1,600 per sq.ft, which is equal to the current value for Chelliamman Koil St (Ward-07).

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

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 fees 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Chelliamman Koil St (Ward-07)?

The Sub Registrar Office that covers Chelliamman Koil St (Ward-07) 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 plays a crucial role when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value of a property during registration, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Chelliamman Koil St (Ward-07)?

The current guideline value for Chelliamman Koil St (Ward-07) 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 1,005 per sq.ft in 2017, and then to Rs 1,600 per sq.ft in 2024. This reflects an overall increase of 33% from 2012 to 2024.

What are the stamp duty rates for properties in Madhavaram?

The stamp duty rate for properties in Madhavaram is 7%, while the registration fee is 2%. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office do I need to visit for property registration in Madhavaram?

The Madhavaram Sub Registrar Office is responsible for property registration in this area. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the significance of the guideline value when buying property?

The guideline value is significant as it establishes the minimum value for property transactions, ensuring that stamp duty and registration fees are calculated accurately. It is essential for buyers to be aware of the current guideline value to comply with legal requirements.