Guideline Value for Mohan Nagar

Mohan Nagar guideline value

The current guideline value of Mohan Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Mohan Nagar has changed

The guideline value for Mohan Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 1,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, reflecting a 7% rise from the previous year.

It is important to note that the register has no figure for Mohan Nagar for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 7%.

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 value for these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value for Mohan Nagar.

• Mohan Nagar,Ponniammanmedu (Ward-23): Rs 1,600 per sq.ft (2024)
• Mohan Garden (Ward-15): Rs 1,600 per sq.ft (2024)
• Mohan Nagar,Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Mohan Garden Rd ( Ward No.15 ): Rs 1,600 per sq.ft (2024)
• Mohan Nagar (Ward-29): Rs 1,600 per sq.ft (2024)
• Mohan Garden: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Mohan Nagar

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 for these fees to Rs 1,44,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mohan Nagar?

The Sub Registrar Office that covers Mohan Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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 benchmark for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is used to determine the applicable fees, ensuring that both the buyer and seller are aware of the costs involved in the transaction. This helps maintain transparency in the property market.

Frequently asked questions

What is the current guideline value of Mohan Nagar?

The current guideline value of Mohan Nagar 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 2023 to Rs 1,600 per sq.ft in 2024, a 7% increase. It was Rs 1,005 per sq.ft in 2017, and Rs 1,500 per sq.ft in 2012.

What is the land classification of Mohan Nagar?

Mohan Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How are stamp duty and registration fees calculated in Mohan Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,44,000.