Guideline Value for Logammal Nagar (Ward-08)

Logammal Nagar (Ward-08) guideline value

The current guideline value for Logammal Nagar (Ward-08) 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 Logammal Nagar (Ward-08) has changed

The guideline value for Logammal Nagar has seen several revisions over the years. In 2017, the value was set at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. Overall, from 2017 to 2024, there has been a significant increase of 62% in the guideline value.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The absence of figures in these years indicates that the guideline value was not recorded for Logammal Nagar during those revisions.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Logammal Nagar is below this median, indicating a relatively lower valuation compared to other streets in the village.

• L.N.P. Koil St (Ward-28): Rs 1,300 per sq.ft (2024)
• Lotus Colony 1st St (Ward-11): Rs 3,000 per sq.ft (2024)
• Lotus Colony 2nd St (Ward-11): Rs 3,000 per sq.ft (2024)
• Lotus Colony 3rd St (Ward-11): Rs 3,000 per sq.ft (2024)
• Lotus Colony (Ward-11): Rs 3,000 per sq.ft (2024)
• Lingam st (Ward No.30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Logammal Nagar (Ward-08)

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 for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Logammal Nagar (Ward-08)?

The Sub Registrar Office that covers Logammal Nagar 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 during property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to determine the applicable fees. This ensures that both parties are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value for Logammal Nagar (Ward-08)?

The current guideline value for Logammal Nagar (Ward-08) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024. This represents a total increase of 62% over the seven-year period.

What are the stamp duty and registration fees for property in Logammal Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,17,000.

Which office handles property registrations for Logammal Nagar?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles property registrations for Logammal Nagar.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is compared with the sale price, and the higher amount is used for fee calculations.