Guideline Value for Inner ring road

Inner ring road guideline value

The current guideline value for Inner ring road in Madhavaram village, under the Madhavaram SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Special Type - II.

How the guideline value of Inner ring road has changed

Over the years, the guideline value for Inner ring road has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. In 2023, the value increased to Rs 3,500 per sq.ft again, and the latest revision in 2024 raised it to Rs 3,800 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a significant increase of 49%, while the change from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%.

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. The median value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value for Inner ring road is above this median.

• Ishwarya Nagar: Rs 1,300 per sq.ft (2024)
• Iswarya Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 1st Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 1st st (Ward No.22 & 23): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 2nd Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 2nd st (Ward No.22 & 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Inner ring road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty, charged at 7%, would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000. Together, the total cost for stamp duty and registration fee would be Rs 3,42,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Inner ring road?

The Inner ring road is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the amount of stamp duty and registration fees that buyers and sellers must pay during the registration process. This ensures that the transaction is recorded accurately and reflects the official value of the property.

When buying or selling property, it is essential to be aware of the current guideline value, as this will affect the overall cost of the transaction. Buyers should consider the guideline value when negotiating the sale price to ensure they are making an informed decision.

Frequently asked questions

What is the current guideline value for Inner ring road?

The current guideline value for Inner ring road in Madhavaram village is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,800 per sq.ft in 2024, marking a 9% increase. It was Rs 2,345 per sq.ft in 2017, which increased by 49% to Rs 3,500 per sq.ft in 2023.

What is the land classification for Inner ring road?

The land classification for Inner ring road is Commercial Special Type - II. This classification indicates the intended use of the land in this area.

What are the stamp duty and registration fees for property in Inner ring road?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000. These fees are 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 the registration of properties in the area.