Guideline Value for Chinnappa Nagar

Chinnappa Nagar guideline value

The current guideline value of Chinnappa Nagar is Rs 1,600 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 II Type - I.

How the guideline value of Chinnappa Nagar has changed

The guideline value for Chinnappa Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This figure decreased by 16% to Rs 1,005 per sq.ft in the 2017 revision. However, the 2024 revision marked a significant increase, bringing the guideline value back up to Rs 1,600 per sq.ft, reflecting a 59% rise from the 2017 figure. The register has no figure for the years 2023, 2007, 2003, and 2002 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 33%. This indicates a notable change in the valuation of properties in Chinnappa Nagar over this period.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values 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 the same as the current value for Chinnappa Nagar.

• Chelliamman Nagar: Rs 1,600 per sq.ft (2024)
• Chelliamman Koil St (Ward-07): Rs 1,600 per sq.ft (2024)
• Chelliamman Koil Street (Ward-6): 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)
• City Nest Home: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chinnappa Nagar

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 be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chinnappa Nagar?

The Sub Registrar Office that covers Chinnappa 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 plays a crucial role in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the fees are calculated based on the official valuation set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Chinnappa Nagar?

The current guideline value of Chinnappa Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,200 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. The register has no figures for the years 2023, 2007, 2003, and 2002.

What is the land classification of Chinnappa Nagar?

Chinnappa Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Chinnappa 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. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

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