Guideline Value for Elumalai Nagar

Elumalai Nagar guideline value

The current guideline value of Elumalai 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 Elumalai Nagar has changed

Over the years, the guideline value of Elumalai Nagar has undergone several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft. The most recent 2024 revision has further raised it to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

In summary, the changes between revisions are significant. From 2017 to 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Elumalai Nagar's 2024 figure below that median.

• Elumalai Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Elumalai Nagar (Ward-01): 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

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, while 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 the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elumalai Nagar?

The Sub Registrar Office that covers Elumalai 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

When buying or selling property in Madhavaram, the guideline value plays a crucial role in determining the registration fees. The guideline value is used to assess the stamp duty and registration fees applicable during the registration process. It is essential to ensure that the sale price is not lower than the guideline value, as the duty is charged on the higher of the two.

Additionally, the guideline value is regularly updated to reflect changes in the real estate market and local conditions. Buyers and sellers should be aware of the current guideline value to accurately calculate their costs during the transaction.

Frequently asked questions

What is the current guideline value of Elumalai Nagar?

The current guideline value of Elumalai Nagar 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 seen various changes, starting from Rs 1,200 per sq.ft in 2012, decreasing to Rs 804 per sq.ft in 2017, and then rising to Rs 1,200 per sq.ft in 2023. The most recent revision in 2024 has increased it to Rs 1,300 per sq.ft.

What is the stamp duty for property in Elumalai Nagar?

The stamp duty for property in Elumalai Nagar is calculated at 7% of the guideline value. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Which Sub Registrar Office covers Elumalai Nagar?

The Madhavaram Sub Registrar Office covers Elumalai Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Elumalai Nagar?

Elumalai Nagar is classified as Residential Class III Type - I, which is important for understanding the guidelines and regulations applicable to property in this area.