Guideline Value for Indra Nagar (West)

Indra Nagar (West) guideline value

The current guideline value of Indra Nagar (West), located in Erukancherry village under the Madhavaram SRO, is Rs 2,500 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Indra Nagar (West) has changed

The guideline value for Indra Nagar (West) has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft. This was followed by a decrease in the 2017 revision, which brought the value down to Rs 1,541 per sq.ft, marking a decline of 33%. However, the value rebounded significantly in the 2023 revision, reaching Rs 2,300 per sq.ft, and further increased to Rs 2,500 per sq.ft in the 2024 revision, reflecting a rise of 9% from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the guideline value for Indra Nagar (West).

• Indra Nagar (West) Lane: Rs 2,500 per sq.ft (2024)
• Jamal Nilayam: Rs 2,200 per sq.ft (2024)
• Jawahar Street: Rs 2,200 per sq.ft (2024)
• Jayaparanjothi Lane: Rs 2,500 per sq.ft (2024)
• Jayaparanjothi Street: Rs 2,500 per sq.ft (2024)
• Jayaparanjothi Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Indra Nagar (West)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty, charged at 7%, would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000. Together, these fees total Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Indra Nagar (West)?

The Sub Registrar Office that covers Indra Nagar (West) 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 Erukancherry

The guideline value is a crucial factor in property transactions in Erukancherry. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value. Buyers and sellers must consider the guideline value when negotiating sale prices to comply with registration requirements.

Additionally, the guideline value impacts the stamp duty and registration fees that must be paid during the transaction. It is essential for both parties 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 Indra Nagar (West)?

The current guideline value of Indra Nagar (West) is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 increasing it to Rs 2,500 per sq.ft from Rs 2,300 per sq.ft in 2023. The value was Rs 1,541 per sq.ft in 2017 and Rs 2,300 per sq.ft in 2012.

What are the stamp duty and registration fees for a property in Indra Nagar (West)?

The stamp duty for a property in Indra Nagar (West) is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value is Rs 25,00,000, leading to a stamp duty of Rs 1,75,000 and a registration fee of Rs 50,000.

Which Sub Registrar Office covers Indra Nagar (West)?

The Madhavaram Sub Registrar Office covers Indra Nagar (West) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Indra Nagar (West)?

The land classification for Indra Nagar (West) is Residential Class III Type - I, which indicates its designation for residential use.