Guideline Value for Madurai Sri Balaji Nagar Part-I

Madurai Sri Balaji Nagar Part-I guideline value

The current guideline value of Madurai Sri Balaji Nagar Part-I is Rs 1,300 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 III Type - I.

How the guideline value of Madurai Sri Balaji Nagar Part-I has changed

The guideline value for Madurai Sri Balaji Nagar Part-I has undergone revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft. The most recent revision in 2024 increased this to Rs 1,300 per sq.ft, marking an 8% increase from the 2012 figure.

There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 in the register for this street.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Madurai Sri Balaji Nagar Part-I is below this median.

• Madurai Sri Balaji Nagar: Rs 1,300 per sq.ft (2024)
• Maduramettupalayam Main Road ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• Madura Mettupalayam Main St, M.G.R.Nagar ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• Madura Mettupalayam M.G.R.Nagar 1st St ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• Madura Mettupalayam M.G.R.Nagar 2nd St ( Ward No.30 ): Rs 1,300 per sq.ft (2024)
• Madura Mettupalayam Reddy St East End ( Ward No.30 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Sri Balaji Nagar Part-I

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 Madurai Sri Balaji Nagar Part-I?

The Sub Registrar Office that covers Madurai Sri Balaji Nagar Part-I is 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 is an important figure used during the registration of property transactions. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the necessary taxes are paid based on the property's value.

When buying or selling property in Madhavaram, the guideline value helps in determining the legal and financial obligations of both parties involved in the transaction. It is crucial for buyers and sellers to be aware of this value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Madurai Sri Balaji Nagar Part-I?

The current guideline value of Madurai Sri Balaji Nagar Part-I is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, which is an 8% increase. There are no figures available for the years 2003, 2007, 2017, and 2023 for this street.

What is the land classification for Madurai Sri Balaji Nagar Part-I?

Madurai Sri Balaji Nagar Part-I is classified as Residential Class III Type - I. This classification impacts the guideline value and the associated regulations for property transactions.

Where can I find the Sub Registrar Office for Madurai Sri Balaji Nagar Part-I?

The Sub Registrar Office for Madurai Sri Balaji Nagar Part-I is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madurai Sri Balaji Nagar Part-I?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 91,000 at 7%.