Guideline Value for Mahaveer Nagar (Ponniamman Medu)

Mahaveer Nagar (Ponniamman Medu) guideline value

The current guideline value of Mahaveer Nagar (Ponniamman Medu) is Rs 2,200 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Mahaveer Nagar (Ponniamman Medu) has changed

The guideline value for Mahaveer Nagar (Ponniamman Medu) has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, the latest 2024 revision has increased the value to Rs 2,200 per sq.ft, reflecting a significant rise of 64% from the 2017 figure.

Overall, comparing the 2012 revision to the current 2024 figure, there has been a modest increase of 10%. It is important to note that the guideline value register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as per the 2024 revision. The median guideline value for these streets is Rs 1,600 per sq.ft, positioning Mahaveer Nagar (Ponniamman Medu) above this median.

• Mahaveer Nagar Annex (Ponniamman Medu): Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar (Ward-24): Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar Annex: Rs 2,200 per sq.ft (2024)
• Mahavishnu Nagar (Ponniamman Medu) (Ward-24): Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi st (Ward No.23): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Mahaveer Nagar (Ponniamman Medu)

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, resulting in a total cost of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Mahaveer Nagar (Ponniamman Medu)?

The Sub Registrar Office that covers Mahaveer Nagar (Ponniamman Medu) 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the transaction is documented accurately in accordance with government regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar (Ponniamman Medu)?

The current guideline value of Mahaveer Nagar (Ponniamman Medu) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed as follows: it was Rs 2,000 per sq.ft in 2012, decreased to Rs 1,340 per sq.ft in 2017, and has now increased to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Mahaveer Nagar (Ponniamman Medu)?

The Madhavaram Sub Registrar Office handles registrations for Mahaveer Nagar (Ponniamman Medu), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Mahaveer Nagar (Ponniamman Medu)?

Mahaveer Nagar (Ponniamman Medu) is classified as Residential Class I Type - I, indicating its designation for residential use within the area.