Guideline Value for Mahatma Gandhi st ( Ward No.23 )

Mahatma Gandhi st ( Ward No.23 ) guideline value

The current guideline value for Mahatma Gandhi st ( Ward No.23 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Mahatma Gandhi st ( Ward No.23 ) has changed

Over the years, the guideline value for Mahatma Gandhi st has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a significant drop of 33%. The most recent revision in 2024 has increased the guideline value to Rs 1,600 per sq.ft, reflecting a rise of 59% from the 2017 figure.

From the 2012 revision to the 2024 revision, the overall change is a modest increase of 7%. It is worth noting that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

Madhavaram village features a range of guideline values across its 1,946 streets, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Mahatma Gandhi st.

• Mahaveer Nagar: Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar Annex: Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar Annex (Ponniamman Medu): Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar (Ponniamman Medu): Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar (Ward-24): Rs 2,200 per sq.ft (2024)
• Mahavishnu Nagar (Ponniamman Medu) (Ward-24): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi st ( Ward No.23 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost to Rs 1,44,000. 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 Mahatma Gandhi st ( Ward No.23 )?

The Mahatma Gandhi st ( Ward No.23 ) is covered by 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Mahatma Gandhi st ( Ward No.23 )?

The current guideline value for Mahatma Gandhi st ( Ward No.23 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. Overall, there is a 7% increase from 2012 to 2024.

What is the land classification for Mahatma Gandhi st ( Ward No.23 )?

Mahatma Gandhi st ( Ward No.23 ) is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000.