Guideline Value for Madhavan Nagar

Madhavan Nagar guideline value

The current guideline value for Madhavan Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Madhavan Nagar has changed

In the 2023 revision, the guideline value was Rs 1,500 per sq.ft. The increase from 2023 to 2024 is 10%, bringing the current value to Rs 1,650 per sq.ft. The register has no figure for Madhavan Nagar for the years 2017, 2012, 2007, 2003, and 2002.

With the latest revision in 2024, the guideline value reflects a significant adjustment compared to previous years. The only recorded values are for 2023 and 2024, highlighting a clear upward trend in the guideline value for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, placing Madhavan Nagar's 2024 figure below this median.

• Madhavan Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Madhavan Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Madhura Street (Sri Balaji Nagar): Rs 3,850 per sq.ft (2024)
• Madipakkam Main Road/Bharathiar Salai: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Kusavan Kulam: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road): Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhavan Nagar?

The Madhavan Nagar area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the transaction is transparent and compliant with local regulations.

When buying or selling property, the guideline value affects the stamp duty and registration fees payable. Buyers should be aware that these costs are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Madhavan Nagar?

The current guideline value of Madhavan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification for Madhavan Nagar?

Madhavan Nagar is classified as Residential Class II Type - II, which influences its guideline value and regulatory aspects.

What are the stamp duty and registration fees for properties in Madhavan Nagar?

The total stamp duty and registration fees for a 1,000 sq.ft plot at the current guideline value would amount to Rs 1,48,500, which includes Rs 1,15,500 for stamp duty and Rs 33,000 for registration fee.

Where can I find the Sub Registrar Office for Madhavan Nagar?

The Velacheri Sub Registrar Office, which covers Madhavan Nagar, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.