Guideline Value for City Nest Road ( Ward No.16 )

City Nest Road ( Ward No.16 ) guideline value

The current guideline value of City Nest Road ( Ward No.16 ) is Rs 1,600 per sq.ft. This road is located in Madhavaram village, under the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of City Nest Road ( Ward No.16 ) has changed

The guideline value for City Nest Road has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. However, with the latest revision in 2024, the value increased significantly to Rs 1,600 per sq.ft, marking a 59% rise from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 7%. The register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, 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 value is Rs 1,600 per sq.ft, which is equal to the current guideline value of City Nest Road.

• City Nest Home: 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 Road ( Ward No.16 )

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, resulting in a total of 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 also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers City Nest Road ( Ward No.16 )?

The Sub Registrar Office that covers City Nest Road ( Ward No.16 ) 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 in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of City Nest Road ( Ward No.16 )?

The current guideline value of City Nest Road ( Ward No.16 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 1,500 per sq.ft to Rs 1,600 per sq.ft in 2024. The largest increase was from Rs 1,005 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2024, which is a 59% increase.

What is the land classification for City Nest Road ( Ward No.16 )?

The land classification for City Nest Road ( Ward No.16 ) is Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for City Nest Road?

The Sub Registrar Office for City Nest Road ( Ward No.16 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Madhavaram?

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