Guideline Value for Mahakavi Barathi Nagar

Mahakavi Barathi Nagar guideline value

The current guideline value of Mahakavi Barathi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Mahakavi Barathi Nagar has changed

The guideline value for Mahakavi Barathi Nagar has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. With the latest 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, marking a substantial rise of 64% from the 2017 figure.

It is important to note that the register has no figure for this street in the revisions of 2023, 2012, 2007, 2003, and 2002. Therefore, the only revisions that reflect a guideline value for Mahakavi Barathi Nagar are from 2017 and 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Mahakavi Barathi Nagar is below this median.

• Mahakavi Bharathi Nagar, Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Mahalakhsmi Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Mahalakshi Nagar, Bharathiar Salai: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Mahakavi Barathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahakavi Barathi Nagar?

The Mahakavi Barathi Nagar area falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mahakavi Barathi Nagar?

The current guideline value of Mahakavi Barathi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a rise of 64%.

Are there any years with no guideline value for Mahakavi Barathi Nagar?

Yes, the register has no figure for the years 2023, 2012, 2007, 2003, and 2002 for Mahakavi Barathi Nagar.

What is the registration office for Mahakavi Barathi Nagar?

The registration office covering Mahakavi Barathi Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.