Guideline Value for Mahaveer Nagar (Ward-24)

Mahaveer Nagar (Ward-24) guideline value

The current guideline value of Mahaveer Nagar (Ward-24) is Rs 2,200 per sq.ft, 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 (Ward-24) has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 2,200 per sq.ft, reflecting a rise of 64%. Overall, from 2012 to 2024, there has been a modest increase of 10%.

The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Mahaveer Nagar's 2024 figure above that median.

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

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 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 Mahaveer Nagar (Ward-24)?

The Sub Registrar Office that covers Mahaveer Nagar (Ward-24) 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 a crucial factor during property transactions in Madhavaram. It determines the minimum value at which property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with the transfer of property ownership. This ensures transparency and compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar (Ward-24)?

The current guideline value of Mahaveer Nagar (Ward-24) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 10% increase.

What are the other streets in Madhavaram with similar guideline values?

Other streets in Madhavaram with a guideline value of Rs 2,200 per sq.ft in 2024 include Mahaveer Nagar (Ponniamman Medu), Mahaveer Nagar Annex, and Mahavishnu Nagar (Ponniamman Medu) (Ward-24).

What fees are associated with buying property in Mahaveer Nagar (Ward-24)?

The fees associated with buying property include stamp duty, which is 7% of the guideline value, and a registration fee of 2%. For example, a 1,000 sq.ft property would incur a total of Rs 1,98,000 in fees.

Where can I find the Sub Registrar Office for Mahaveer Nagar (Ward-24)?

The Sub Registrar Office for Mahaveer Nagar (Ward-24) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information online.