Guideline Value for MADHAVA NAGAR

Madhava Nagar guideline value

The current guideline value of Madhava Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Madhava Nagar has changed

The guideline value for Madhava Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 87 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a substantial rise of 187%. This was followed by another major increase to Rs 1,200 per sq.ft in 2012, which remained unchanged until 2023. The 2023 revision maintained the value at Rs 1,200 per sq.ft, but in 2024, it increased to Rs 1,300 per sq.ft, reflecting an 8% rise.

There are no figures available for the years 2003 and 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1394%, showcasing a significant upward trend over the years.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, making the guideline value for Madhava Nagar below the median.

• Madhanakuppam Road: Rs 2,100 per sq.ft (2024)
• Ma.Chandran Nagar: Rs 1,300 per sq.ft (2024)
• Maada Street: Rs 1,600 per sq.ft (2024)
• Maduravoyal Service Road: Rs 2,900 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Malar Nagar Mgr.Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madhava Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhava Nagar?

The Sub Registrar Office that covers Madhava Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees when buying or selling property. The guideline value is used to assess the official value of the property, ensuring that the appropriate taxes are collected during the registration process.

When you register a property, the guideline value helps in establishing the legal value of the asset. This value plays a significant role in ensuring transparency and fairness in property transactions, as it is based on official assessments rather than market speculation.

Frequently asked questions

What is the current guideline value of Madhava Nagar?

The current guideline value of Madhava Nagar 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 87 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, showing a total increase of 1394% over the years.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office covers Madhava Nagar?

The Villivakkam Sub Registrar Office covers Madhava Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Madhava Nagar?

Madhava Nagar falls under the Residential Class IV Type - I land classification, indicating its use for residential purposes.