Guideline Value for M.C. Sundharavarathan Nagar

M.C. Sundharavarathan Nagar guideline value

The current guideline value of M.C. Sundharavarathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.C. Sundharavarathan Nagar has changed

The guideline value for M.C. Sundharavarathan Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged through the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

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. The median value for these streets is Rs 1,600 per sq.ft, which is the same as the 2024 figure for M.C. Sundharavarathan Nagar.

• M.C.R. Street (Ward-10): Rs 1,600 per sq.ft (2024)
• M.C.R.Nagar ( Ward No.10 ): Rs 1,600 per sq.ft (2024)
• M.D.Swamy Nagar Rd ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• M.D. Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D. Veera Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Medimix Road ( Ward No.18 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.C. Sundharavarathan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.C. Sundharavarathan Nagar?

The Sub Registrar Office that covers M.C. Sundharavarathan Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madhavaram

When buying or selling property in Madhavaram, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value serves as a standard reference for the government to assess the value of the property for taxation purposes.

It is essential for buyers and sellers to be aware of the guideline value as it can significantly affect the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in avoiding any legal complications in the future.

Frequently asked questions

What is the current guideline value of M.C. Sundharavarathan Nagar?

The current guideline value of M.C. Sundharavarathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,500 per sq.ft from 2012 until the 2023 revision. In 2024, it increased to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

What is the land classification for M.C. Sundharavarathan Nagar?

M.C. Sundharavarathan Nagar is classified as Residential Class II Type - I. This classification indicates the type of development and usage allowed in the area.

Where can I find the Sub Registrar Office for M.C. Sundharavarathan Nagar?

The Sub Registrar Office for M.C. Sundharavarathan Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in M.C. Sundharavarathan Nagar?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.