Guideline Value for INDRA STREET/NAGAR

Indra Street/Nagar guideline value

The current guideline value of Indra Street/Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Indra Street/Nagar has changed

The guideline value for Indra Street/Nagar has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value rose significantly to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 has increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions are notable as well, with a 49% increase from 2017 to 2023 and a decrease of 33% from 2012 to 2017. The register has no figure for Indra Street/Nagar for the years 2002, 2003, and 2007.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value for Indra Street/Nagar.

• Indra Priyadarshini Nagar Rajiv Street: Rs 1,870 per sq.ft (2024)
• Indragandhi Street: Rs 2,200 per sq.ft (2024)
• Isha Homes: Rs 2,750 per sq.ft (2024)
• Iswariya Avenue / Garden: Rs 2,750 per sq.ft (2024)
• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Indra Street/Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 22,00,000. The stamp duty at 7% amounts to Rs 1,54,000, and the registration fee at 2% is Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indra Street/Nagar?

The Sub Registrar Office that covers Indra Street/Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Medavakkam. It helps determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with the regulations set by the registration authorities.

When a property is sold, the guideline value acts as a benchmark for the transaction. It ensures that the property is not undervalued, which could lead to legal issues. Therefore, understanding the guideline value is essential for anyone looking to buy or sell property in the area.

Frequently asked questions

What is the current guideline value of Indra Street/Nagar?

The current guideline value of Indra Street/Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Indra Street/Nagar?

The land classification for Indra Street/Nagar is Residential Class I Type - I.

What are the stamp duty and registration fees for property in Indra Street/Nagar?

For a 1,000 sq.ft plot, the total stamp duty and registration fees amount to Rs 1,98,000, based on the current guideline value of Rs 22,00,000.

Where is the Sub Registrar Office for Indra Street/Nagar located?

The Sub Registrar Office for Indra Street/Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.