Guideline Value for Madhu Nagar

Madhu Nagar guideline value

The current guideline value of Madhu Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Special Type - I.

How the guideline value of Madhu Nagar has changed

The guideline value for Madhu Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 245 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision, marking a 390% rise. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, representing a 33% drop. The value remained at Rs 1,200 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 390%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which matches the 2024 guideline value for Madhu Nagar. Below are other streets in Madambakkam with their respective 2024 guideline values:

• Lalitha Traders: Rs 1,200 per sq.ft (2024)
• Lalitha Nagar: Rs 1,200 per sq.ft (2024)
• Krishna Nagar: Rs 1,200 per sq.ft (2024)
• Mohan Avenue: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-VI: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-V: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madhu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total charges to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhu Nagar?

The Sub Registrar Office that covers Madhu Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Madhu Nagar?

The current guideline value of Madhu Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, with the value increasing from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012, then decreasing to Rs 804 per sq.ft in 2017, and remaining at Rs 1,200 per sq.ft in both 2023 and 2024.

What is the land classification for Madhu Nagar?

Madhu Nagar is classified as Commercial Special Type - I, which indicates the nature of land use in the area.

What are the stamp duty rates in Madhu Nagar?

The stamp duty rate in Madhu Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Madhu Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.