Guideline Value for Iyyappa Nagar (Ward 24)

Iyyappa Nagar (Ward 24) guideline value

The current guideline value of Iyyappa Nagar (Ward 24) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Iyyappa Nagar (Ward 24) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the latest 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. Overall, from 2012 to 2024, the guideline value has risen by 8%.

The register has no figures for the years 2002, 2003, 2007, and 2017 for this street. Therefore, the only revisions available are from 2012, 2023, and 2024.

Guideline values in Madhavaram

In Madhavaram village, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Iyyappa Nagar (Ward 24) below this median.

• Iyyappa Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar Main Road ( Ward No.24 ): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar Extension: Rs 1,300 per sq.ft (2024)
• Iyyar Thottam 1St St,Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar 3rd st ( Ward No.24 ): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar 2nd st ( Ward No.24 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar (Ward 24)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Iyyappa Nagar (Ward 24)?

The Sub Registrar Office that covers Iyyappa Nagar (Ward 24) 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 critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, understanding the guideline value helps ensure that all financial aspects are accurately accounted for during registration. It is advisable to check the latest guideline values to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar (Ward 24)?

The current guideline value of Iyyappa Nagar (Ward 24) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Iyyappa Nagar (Ward 24) was Rs 1,200 per sq.ft in 2012 and remained the same in 2023. The value increased to Rs 1,300 per sq.ft in the 2024 revision, reflecting an overall increase of 8% from 2012 to 2024.

What is the land classification for Iyyappa Nagar (Ward 24)?

The land classification for Iyyappa Nagar (Ward 24) is Residential Class III Type - I.

Where can I find the registration office for Iyyappa Nagar (Ward 24)?

The registration office covering Iyyappa Nagar (Ward 24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Iyyappa Nagar (Ward 24)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 91,000.