Guideline Value for Ettiyappa Naicker Nagar

Ettiyappa Naicker Nagar guideline value

The current guideline value of Ettiyappa Naicker Nagar 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 Ettiyappa Naicker Nagar has changed

The guideline value for Ettiyappa Naicker Nagar has seen several revisions over the years. In the 2012 revision, the value was Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and it has now risen to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

From 2012 to 2024, the overall change is an increase of 8%. The largest increase occurred between 2017 and 2023, where the value rose by 49%. It is important to note that the register has no figures for this street in the years 2002, 2003, and 2007.

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 Ettiyappa Naicker Nagar is below this median.

• Ettiyappa Nagar Extension: Rs 1,300 per sq.ft (2024)
• Ettiappan st ( Ward No.22 ): Rs 1,300 per sq.ft (2024)
• Ettiappan Salai, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)
• Ettiappan Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Ettiappan Nagar Kanniappan Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Ettiappan Nagar Govindan Street (Ward 29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ettiyappa Naicker 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 cost to Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Ettiyappa Naicker Nagar?

The Sub Registrar Office that covers Ettiyappa Naicker 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 is a crucial factor in the registration process of property transactions 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 stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ettiyappa Naicker Nagar?

The current guideline value of Ettiyappa Naicker 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024. This reflects various increases and decreases over the years.

What is the land classification for Ettiyappa Naicker Nagar?

Ettiyappa Naicker Nagar is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

How is the stamp duty calculated in Ettiyappa Naicker Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee is charged at 2% of the guideline value.

Where can I find the Sub Registrar Office for Ettiyappa Naicker Nagar?

The Sub Registrar Office for Ettiyappa Naicker Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details by visiting the relevant link.