Guideline Value for Commissioner Office , Mmc (Ward-05)

Commissioner Office , Mmc (Ward-05) guideline value

The current guideline value for Commissioner Office , Mmc (Ward-05) is Rs 1,600 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 II Type - I.

How the guideline value of Commissioner Office , Mmc (Ward-05) has changed

The guideline value for this area has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the current 2024 revision has increased the guideline value to Rs 1,600 per sq.ft, marking a significant increase of 59% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 7%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street. The changes between the revisions indicate fluctuations in the guideline value, with the most notable increase occurring from 2017 to 2024.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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 for these streets is Rs 1,600 per sq.ft, which aligns with the current value for Commissioner Office , Mmc (Ward-05).

• Co-operative Nagar Part-I: Rs 2,200 per sq.ft (2024)
• Co-Operative Nagar (Ward-02): Rs 2,200 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 Commissioner Office , Mmc (Ward-05)

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, making the total cost for these fees 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Commissioner Office , Mmc (Ward-05)?

The Sub Registrar Office that covers Commissioner Office , Mmc (Ward-05) 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 government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the transaction reflects the true value of the property as per government standards.

Frequently asked questions

What is the current guideline value for Commissioner Office , Mmc (Ward-05)?

The current guideline value for Commissioner Office , Mmc (Ward-05) 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, showing a significant increase of 59% from 2017 to 2024.

What are the other streets in Madhavaram with their guideline values?

Other streets in Madhavaram include Co-operative Nagar Part-I at Rs 2,200 per sq.ft, Co-Operative Nagar (Ward-02) at Rs 2,200 per sq.ft, and Cmda (Ward-11) at Rs 1,600 per sq.ft, among others.

What fees are associated with buying property in this area?

When buying property in Commissioner Office , Mmc (Ward-05), buyers must pay a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Commissioner Office , Mmc (Ward-05) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.