Guideline Value for Madhavi Nagar

Madhavi Nagar guideline value

The current guideline value of Madhavi Nagar, located in Kayirambedu village under the Chengleput Joint II SRO, is Rs 700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Madhavi Nagar has changed

The guideline value for Madhavi Nagar has undergone several revisions over the years. The earliest recorded figure was Rs 150 per sq.ft in 2007, which saw a significant increase to Rs 700 per sq.ft in 2012. This value remained unchanged until the 2017 revision, where it increased to Rs 469 per sq.ft, marking a 49% rise. However, it reverted back to Rs 700 per sq.ft in the 2023 revision, and this figure has been retained in the 2024 revision, resulting in no change from the previous year.

There are no recorded figures for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 367%.

Guideline values in Kayirambedu

In Kayirambedu, there are 120 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 3,550 per sq.ft. The median value is Rs 700 per sq.ft, making Madhavi Nagar's 2024 figure equal to this median.

• Lumina: Rs 1,001 per sq.ft (2024)
• Mahanathi Nagar: Rs 700 per sq.ft (2024)
• K R Garden: Rs 700 per sq.ft (2024)
• K.R.C Nagar: Rs 700 per sq.ft (2024)
• M.G.Nagar: Rs 2,389 per sq.ft (2024)
• M.G. Nagar Extension: Rs 2,389 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total to Rs 63,000. 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 further calculations.

Which Sub Registrar Office covers Madhavi Nagar?

Madhavi Nagar falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kayirambedu. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that all transactions are conducted transparently.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. This value helps in maintaining a standard for property transactions within the region, making it easier for both parties to understand the financial implications of the sale.

Frequently asked questions

What is the current guideline value of Madhavi Nagar?

The current guideline value of Madhavi Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 150 per sq.ft in 2007, rising to Rs 700 per sq.ft in 2012, dropping to Rs 469 per sq.ft in 2017, and then returning to Rs 700 per sq.ft in 2023 and 2024.

What is the land classification for Madhavi Nagar?

The land classification for Madhavi Nagar is Residential Special Type - II, indicating its suitability for residential developments.

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

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Madhavi Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for Madhavi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.