Guideline Value for Iyyappa Nagar Extension

Iyyappa Nagar Extension guideline value

The current guideline value of Iyyappa Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Iyyappa Nagar Extension has changed

Since the 2012 revision, the guideline value for Iyyappa Nagar Extension has seen an increase of 8%. The 2012 revision recorded a value of Rs 1,200 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision raised the guideline value to Rs 1,300 per sq.ft, reflecting an increase of 8% from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2017. Therefore, the only recorded revisions for this street are from 2012, 2023, and 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Iyyappa Nagar Extension's current guideline value is below this median.

• Iyyappa Nagar Main Road ( 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 2nd st ( Ward No.24 ): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar (Ward 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 (Ward-29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar Extension

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

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

Which Sub Registrar Office covers Iyyappa Nagar Extension?

The Iyyappa Nagar Extension falls under 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 stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the total charges, ensuring that the necessary fees are paid based on the established rates. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar Extension?

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

How has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8%. There were no recorded figures for the years 2002, 2003, 2007, and 2017.

What is the land classification for Iyyappa Nagar Extension?

Iyyappa Nagar Extension is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable in Iyyappa Nagar Extension?

The stamp duty rate applicable in Iyyappa Nagar Extension is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Iyyappa Nagar Extension?

The Sub Registrar Office covering Iyyappa Nagar Extension is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information online.