Guideline Value for Iswarya Nagar

Iswarya Nagar guideline value

The current guideline value of Iswarya Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Iswarya Nagar has changed

The guideline value for Iswarya Nagar has undergone several revisions over the years. The earliest recorded revision was in 2017, where the value was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 saw the value rise again to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Iswarya Nagar in the years 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that Iswarya Nagar's current value is below the median.

• Iswarya Street/Sheela Nagar: Rs 2,750 per sq.ft (2024)
• Iswarya Street/Sheela Nagar/Lakshmi Nagar: Rs 2,750 per sq.ft (2024)
• I.T.C. Nagar: Rs 1,650 per sq.ft (2024)
• Inner Ring Road (newly formed): Rs 5,500 per sq.ft (2024)
• Jacob Street: Rs 2,750 per sq.ft (2024)
• Jaganathan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iswarya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iswarya Nagar?

The Sub Registrar Office that covers Iswarya Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that both the buyer and seller are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Iswarya Nagar?

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

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 64% during this period.

What is the land classification for Iswarya Nagar?

Iswarya Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for Iswarya Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Iswarya Nagar?

The Velacheri Sub Registrar Office handles registrations for Iswarya Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.