Guideline Value for Elizabeth Nagar

Elizabeth Nagar guideline value

The current guideline value of Elizabeth Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Elizabeth Nagar has changed

The guideline value for Elizabeth Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 62%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The significant changes observed between the revisions highlight the evolving real estate landscape in the area.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Elizabeth Nagar is below this median.

• Elumalai Nagar: Rs 1,300 per sq.ft (2024)
• Elumalai Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Elumalai Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• Elango Adigal St (Ward No.16): Rs 1,300 per sq.ft (2024)
• Elangoadigal Street (Dr.A.J. Mehta Nagar): Rs 1,300 per sq.ft (2024)
• Edapalayam Road (Ward-7): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Elizabeth Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 further calculations.

Which Sub Registrar Office covers Elizabeth Nagar?

The Sub Registrar Office that covers Elizabeth 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. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is a reference point for the government to assess property transactions and ensure that the appropriate taxes are collected.

When selling a property, the guideline value can influence the sale price, as it provides a benchmark for buyers and sellers. It is advisable for both parties to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Elizabeth Nagar?

The current guideline value of Elizabeth Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value has increased by 62%, rising from Rs 804 per sq.ft to Rs 1,300 per sq.ft.

What is the land classification of Elizabeth Nagar?

Elizabeth Nagar is classified as Residential Class III Type - I, indicating its suitability 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.

How are stamp duty and registration fees calculated in Elizabeth Nagar?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2% of the guideline value. The duty is charged on the higher of the guideline value or the sale price.