Guideline Value for M.D. Swamy Nagar (Ward-03)

M.D. Swamy Nagar (Ward-03) guideline value

The current guideline value of M.D. Swamy Nagar (Ward-03) 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 M.D. Swamy Nagar (Ward-03) has changed

Over the years, the guideline value for M.D. Swamy Nagar has seen several revisions. In 2012, the value was set at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. However, the value experienced a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO carrying 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. M.D. Swamy Nagar's 2024 figure is below this median.

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

Stamp duty and registration fee for property in M.D. Swamy Nagar (Ward-03)

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, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 details on fees applicable to your property.

Which Sub Registrar Office covers M.D. Swamy Nagar (Ward-03)?

The Sub Registrar Office that covers M.D. Swamy Nagar (Ward-03) 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 plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of M.D. Swamy Nagar (Ward-03)?

The current guideline value of M.D. Swamy Nagar (Ward-03) 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 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the stamp duty for property in M.D. Swamy Nagar?

For a property valued at Rs 13,00,000, the stamp duty is calculated at 7%, amounting to Rs 91,000, along with a registration fee of 2%, which is Rs 26,000. The total fees would be Rs 1,17,000.

Where can I find the Sub Registrar Office for M.D. Swamy Nagar?

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

What is the land classification of M.D. Swamy Nagar?

M.D. Swamy Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development within the area.