Guideline Value for Co-operative Nagar Part-I

Co-operative Nagar Part-I guideline value

The current guideline value for Co-operative Nagar Part-I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Co-operative Nagar Part-I has changed

Over the years, the guideline value of Co-operative Nagar Part-I has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current figure of Rs 2,200 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

The changes between these revisions are significant. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Co-operative Nagar Part-I is above this median.

• Co-Operative Nagar (Ward-02): Rs 2,200 per sq.ft (2024)
• Commissioner Office , Mmc (Ward-05): Rs 1,600 per sq.ft (2024)
• Cmda (Ward-11): Rs 1,600 per sq.ft (2024)
• C.K.M. Nagar (Ward-05): 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 (Edapalayam): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Co-operative Nagar Part-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Co-operative Nagar Part-I?

The Sub Registrar Office that covers Co-operative Nagar Part-I 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 during property transactions in Madhavaram. It is used as a basis for calculating the stamp duty and registration fees that are required when buying or selling property. This ensures that the government receives the appropriate revenue from property transactions based on the established values.

When registering a property, buyers must be aware that the guideline value is the minimum value on which duties are calculated. Therefore, if the sale price of the property is higher than the guideline value, the stamp duty will be levied on the sale price instead.

Frequently asked questions

What is the current guideline value for Co-operative Nagar Part-I?

The current guideline value for Co-operative Nagar Part-I is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the land classification for Co-operative Nagar Part-I?

Co-operative Nagar Part-I is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated in Co-operative Nagar Part-I?

Stamp duty in Co-operative Nagar Part-I is calculated based on the higher of the guideline value or the sale price of the property. The current stamp duty rate is 7% of the guideline value.