Guideline Value for Madhavan Nagar (Madhavaram Milk Colony)

Madhavan Nagar (Madhavaram Milk Colony) guideline value

The current guideline value for Madhavan Nagar (Madhavaram Milk Colony) 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 Madhavan Nagar (Madhavaram Milk Colony) has changed

The guideline value for Madhavan Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, a significant increase from the 2017 revision, which was Rs 1,005 per sq.ft. This marks a change of +59% from the previous figure. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has risen from Rs 1,005 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2024. The absence of figures for the other listed years indicates that there were no recorded changes for Madhavan Nagar during those periods.

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 across these streets is Rs 1,600 per sq.ft, which is equal to the guideline value for Madhavan Nagar.

• Madhavan Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Madhavaram Co-Op Nagar, (Ward-02): Rs 2,700 per sq.ft (2024)
• Madhavaram Edapalayam Milk Colony: Rs 1,300 per sq.ft (2024)
• Madhavaram High Road: Rs 3,300 per sq.ft (2024)
• Madhavaram Milk Colony Road: Rs 2,450 per sq.ft (2024)
• Madhavaram Moolachatram: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar (Madhavaram Milk Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Madhavan Nagar (Madhavaram Milk Colony)?

The Madhavan Nagar (Madhavaram Milk Colony) area is covered by 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 when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction reflects the true market conditions.

Frequently asked questions

What is the current guideline value for Madhavan Nagar?

The current guideline value for Madhavan Nagar (Madhavaram Milk Colony) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft in 2024, representing a change of +59%.

Are there any years with no guideline value figures for Madhavan Nagar?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Madhavan Nagar.

What is the registration office for Madhavan Nagar?

The registration office covering Madhavan Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property transactions in Madhavan Nagar?

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