Guideline Value for Metha Nagar (Madhavaram Milk Pannai)

Metha Nagar (Madhavaram Milk Pannai) guideline value

The current guideline value of Metha Nagar (Madhavaram Milk Pannai) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Metha Nagar (Madhavaram Milk Pannai) has changed

The guideline value has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. However, the most recent revision in 2024 has increased the guideline value to Rs 1,600 per sq.ft, representing a 59% increase from 2017. Overall, from 2012 to 2024, the value has increased by 33%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street. Therefore, the only revisions that show a guideline value are from 2012, 2017, and 2024.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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 guideline value is Rs 1,600 per sq.ft, which matches the current value for Metha Nagar (Madhavaram Milk Pannai).

• Metha Nagar Periya Street (Ward-16): Rs 1,300 per sq.ft (2024)
• Metha Nagar (A.J.): Rs 1,600 per sq.ft (2024)
• Merryland Estates (Ward-02): Rs 1,300 per sq.ft (2024)
• Meri Land Est.: Rs 1,300 per sq.ft (2024)
• Melaveethi: Rs 1,600 per sq.ft (2024)
• Mehta Nagar (Ward-16): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Metha Nagar (Madhavaram Milk Pannai)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the 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, totaling Rs 1,44,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Metha Nagar (Madhavaram Milk Pannai)?

The Sub Registrar Office that covers Metha Nagar (Madhavaram Milk Pannai) 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 during the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the transaction is recorded accurately. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Metha Nagar (Madhavaram Milk Pannai)?

The current guideline value of Metha Nagar (Madhavaram Milk Pannai) 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 1,200 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017 and then to Rs 1,600 per sq.ft in 2024. This represents a 33% increase from 2012 to 2024.

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

Other streets in Madhavaram include Metha Nagar Periya Street (Ward-16) at Rs 1,300 per sq.ft, Metha Nagar (A.J.) at Rs 1,600 per sq.ft, and Melaveethi at Rs 1,600 per sq.ft, among others.

What fees are applicable when registering property in Metha Nagar?

When registering property in Metha Nagar, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Metha Nagar (Madhavaram Milk Pannai) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about your SRO online.