Guideline Value for Mahaveer Nagar

Mahaveer Nagar guideline value

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

How the guideline value of Mahaveer Nagar has changed

The guideline value for Mahaveer Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The most recent revision in 2024 increased the guideline value to Rs 2,200 per sq.ft, marking a significant increase of 64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available in the register for the years 2023, 2007, 2003, and 2002 for this street. The 2012 to 2017 period saw a notable decrease of 33% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Mahaveer Nagar's 2024 figure above this median.

• Mahatma Gandhi st (Ward No.23): Rs 1,600 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 Mahaveer 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, leading to a total of 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahaveer Nagar?

The Sub Registrar Office that covers Mahaveer Nagar 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 critical factor when buying or selling property in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that must be paid during the transaction.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mahaveer Nagar?

The current guideline value of Mahaveer Nagar 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 finally to Rs 2,200 per sq.ft in 2024. The most significant change was a 64% increase from 2017 to 2024.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with rates 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.

How is stamp duty calculated in Mahaveer Nagar?

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

Where can I find the Sub Registrar Office for Mahaveer Nagar?

The Sub Registrar Office for Mahaveer Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can visit this office for registration-related queries.