Guideline Value for Nagambal Avenue ( Ward No.24 )

Nagambal Avenue ( Ward No.24 ) guideline value

The current guideline value of Nagambal Avenue ( Ward No.24 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Nagambal Avenue ( Ward No.24 ) has changed

The guideline value for Nagambal Avenue has undergone several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 804 per sq.ft. This increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 shows an increase to Rs 1,300 per sq.ft, which is an 8% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 62%. It is important to note that there are no recorded figures for this street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Nagambal Avenue's 2024 figure below that median.

• Naga Lakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Nagappa Estate (Ward-30): Rs 1,300 per sq.ft (2024)
• Nagavalli Avenue: Rs 1,300 per sq.ft (2024)
• Nagavalli Avenue 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Nagavalli Avenue 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Nagavalli Avenue 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagambal Avenue ( Ward No.24 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost of duty and fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nagambal Avenue ( Ward No.24 )?

The Sub Registrar Office that covers Nagambal Avenue ( Ward No.24 ) 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 is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the transaction.

Frequently asked questions

What is the current guideline value of Nagambal Avenue ( Ward No.24 )?

The current guideline value of Nagambal Avenue ( Ward No.24 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 62%.

What is the land classification for Nagambal Avenue?

Nagambal Avenue is classified as Residential Class III Type - I according to the guideline value register.

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 is stamp duty calculated for properties in Nagambal Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 13,00,000, the stamp duty would amount to Rs 91,000.