Guideline Value for Iyyappa Nagar 1st Cross Street (Ward 24)

Iyyappa Nagar 1st Cross Street (Ward 24) guideline value

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

How the guideline value of Iyyappa Nagar 1st Cross Street (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, where it was still Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. The register has no figure for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This change reflects the adjustments made over the years, with the most recent revision indicating a positive shift in the guideline value for Iyyappa Nagar 1st Cross Street (Ward 24).

Guideline values in Madhavaram

In Madhavaram, 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 in this area is Rs 1,600 per sq.ft, which means that the 2024 figure for Iyyappa Nagar 1st Cross Street is below that median.

• Iyyappa Nagar 1St St, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar 1st st (Ward No.24): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar 2nd Cross 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)
• Iyyappa Nagar 3rd st (Ward No.24): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar Extension: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar 1st Cross Street (Ward 24)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Iyyappa Nagar 1st Cross Street (Ward 24)?

The Sub Registrar Office that covers Iyyappa Nagar 1st Cross Street (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 crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duties and registration fees.

When a buyer purchases a property, the guideline value is assessed alongside the sale price. The higher of the two figures is used to calculate the stamp duty and registration fees, ensuring compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar 1st Cross Street (Ward 24)?

The current guideline value of Iyyappa Nagar 1st Cross Street (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 has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,200 per sq.ft in 2023, and then increased to Rs 1,300 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 8%.

What is the land classification for Iyyappa Nagar 1st Cross Street?

Iyyappa Nagar 1st Cross Street is classified as Residential Class III Type - I. This classification indicates the type of residential development permitted in the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft property at the current rate results in a total of Rs 1,17,000 in fees.

Where can I find the Sub Registrar Office for Iyyappa Nagar 1st Cross Street?

The Madhavaram Sub Registrar Office, which covers Iyyappa Nagar 1st Cross Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.