Guideline Value for Madha Nagar

Madha Nagar guideline value

The current guideline value of Madha Nagar, located in Erandankattalai village under the Pammal SRO, is Rs 1,100 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Madha Nagar has changed

The guideline value for Madha Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 670 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in the 2023 revision. The most recent 2024 revision has further raised the value to Rs 1,100 per sq.ft, marking a 10% increase from the previous year. It is important to note that the register has no figure for this street in the years 2002, 2003, 2007, and 2012.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The increment from 2017 to 2023 was 49%, followed by a 10% rise from 2023 to 2024.

Guideline values in Erandankattalai

In Erandankattalai, there are a total of 60 streets under the Pammal SRO that have a 2024 guideline value ranging from Rs 770 to Rs 4,270 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, which is the same as the current guideline value for Madha Nagar.

• Maansarovar Nagar Phase II: Rs 2,860 per sq.ft (2024)
• Maansarovar Nagar: Rs 4,270 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,100 per sq.ft (2024)
• Kodhai Avenue: Rs 1,100 per sq.ft (2024)
• MGR Street: Rs 1,100 per sq.ft (2024)
• Kannan Avenue: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total Rs 99,000. It is important to note that the 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.

Which Sub Registrar Office covers Madha Nagar?

The Sub Registrar Office that covers Madha Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Erandankattalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that both buyers and sellers are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Madha Nagar?

The current guideline value of Madha Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the land classification for Madha Nagar?

The land classification for Madha Nagar is Residential Class I Type - I.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Madha Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.