Guideline Value for Madhavan Nagar

Madhavan Nagar guideline value

The current guideline value of Madhavan Nagar, located in Irunkattukottai village under the Sriperumpudur SRO, is Rs 400 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Madhavan Nagar has changed

The guideline value for Madhavan Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 100 per sq.ft, which increased significantly to Rs 400 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 268 per sq.ft. The 2023 revision maintained the value at Rs 400 per sq.ft, which remains unchanged in the 2024 revision.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. Notably, the changes from 2017 to 2023 saw a 49% increase. There are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Irunkattukottai

In Irunkattukottai village, there are 56 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 1,250 per sq.ft, with the median being Rs 400 per sq.ft. Madhavan Nagar's 2024 figure aligns with this median.

• Lakshmi Nagar: Rs 500 per sq.ft (2024)
• Marvel Shire Nagar: Rs 800 per sq.ft (2024)
• Mecca Nagar: Rs 600 per sq.ft (2024)
• Meenakshi Amman Nagar: Rs 600 per sq.ft (2024)
• M.G.R.Street: Rs 250 per sq.ft (2024)
• Kandasala Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty, charged at 7%, would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, resulting in a total of Rs 36,000. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhavan Nagar?

The Madhavan Nagar area is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Irunkattukottai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Madhavan Nagar?

The current guideline value of Madhavan Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several changes, with the most recent revision in 2024 maintaining the value at Rs 400 per sq.ft, which is the same as in 2023. The value was Rs 268 per sq.ft in 2017 and Rs 400 per sq.ft in 2012.

What are the other streets in Irunkattukottai and their guideline values?

Other streets in Irunkattukottai have varying guideline values, ranging from Rs 250 to Rs 1,250 per sq.ft. For example, Lakshmi Nagar is Rs 500 per sq.ft, while Marvel Shire Nagar is Rs 800 per sq.ft in 2024.

Where is the Sub Registrar Office located for Madhavan Nagar?

The Sub Registrar Office covering Madhavan Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Madhavan Nagar?

Stamp duty for properties in Madhavan Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 at a rate of 7%.