Guideline Value for Elumalai Nagar (Ward-01)

Elumalai Nagar (Ward-01) guideline value

The current guideline value of Elumalai Nagar (Ward-01) is Rs 1,300 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 III Type - I.

How the guideline value of Elumalai Nagar (Ward-01) has changed

The guideline value for Elumalai Nagar has undergone several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. This marked a significant drop of 33%. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%, bringing it up to Rs 1,200 per sq.ft. Overall, from 2012 to 2024, there has been an increase of 8%, with the current guideline value being below the median rate of Rs 1,600 per sq.ft for other streets in Madhavaram.

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. Elumalai Nagar's current figure of Rs 1,300 per sq.ft is below the median value of Rs 1,600 per sq.ft.

• Elumalai Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Elumalai Nagar: Rs 1,300 per sq.ft (2024)
• Elizabeth Nagar: Rs 1,300 per sq.ft (2024)
• Esra Nagar (Ward-08): 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)

Stamp duty and registration fee for property in Elumalai Nagar (Ward-01)

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 cost for these fees to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elumalai Nagar (Ward-01)?

The Sub Registrar Office that covers Elumalai Nagar (Ward-01) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the property is taxed appropriately. Buyers and sellers must consider this value when negotiating sale prices to comply with legal requirements.

When a property is sold, the registration process involves calculating the stamp duty and registration fees based on the guideline value. This ensures that both parties are aware of the financial implications of the sale and that the transaction is conducted transparently.

Frequently asked questions

What is the current guideline value of Elumalai Nagar (Ward-01)?

The current guideline value of Elumalai Nagar (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Elumalai Nagar?

Elumalai Nagar is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What is the stamp duty rate for properties in Elumalai Nagar?

The stamp duty rate for properties in Elumalai Nagar is 7%, calculated based on the guideline value or the sale price, whichever is higher.

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 property registrations in the area.