Guideline Value for City Nest Home

City Nest Home guideline value

The current guideline value for City Nest Home, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of City Nest Home has changed

The guideline value for City Nest Home has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision. This marked a significant drop of 33%. However, the value rebounded to Rs 1,600 per sq.ft in the 2024 revision, reflecting an increase of 59% from the 2017 figure. Notably, there are no figures available for the revisions in 2023, 2007, and 2003 for this street.

Overall, comparing the 2012 revision to the current 2024 value, there has been a modest increase of 7%. The 2024 figure aligns with the median guideline value of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

In Madhavaram, the guideline values for 2024 range from Rs 1,300 to Rs 7,500 per sq.ft, with the median being Rs 1,600 per sq.ft. City Nest Home's guideline value is equal to this median. Below are the guideline values for other streets in Madhavaram:

• City Nest Road ( Ward No.16 ): Rs 1,600 per sq.ft (2024)
• C.K.M. Nagar: Rs 1,300 per sq.ft (2024)
• C.K.M. Nagar 2nd St ( Ward No.5 ): Rs 1,300 per sq.ft (2024)
• C.K.M. Nagar (Edapalayam): Rs 1,300 per sq.ft (2024)
• C.K.M. Nagar Road ( Ward No.5 ): Rs 1,300 per sq.ft (2024)
• C.K.M. Nagar (Ward-05): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in City Nest Home

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

Which Sub Registrar Office covers City Nest Home?

The Sub Registrar Office that covers City Nest Home 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 the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for City Nest Home?

The current guideline value for City Nest Home 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 1,500 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. There are no figures available for the years 2023, 2007, and 2003 for this street.

What is the land classification for City Nest Home?

City Nest Home falls under the Residential Class II Type - I land classification.

How is stamp duty calculated for properties in City Nest Home?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details about your SRO through the provided link.