Guideline Value for Nagappa Estate (Ward-30)

Nagappa Estate (Ward-30) guideline value

The current guideline value of Nagappa Estate (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Nagappa Estate (Ward-30) has changed

The guideline value for Nagappa Estate has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, followed by a significant increase to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value further to Rs 1,300 per sq.ft, marking an increase of 8% from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 62%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register. The changes reflect a 49% increase from 2017 to 2023, illustrating the adjustments made over the years.

Guideline values in Madhavaram

In Madhavaram, there are 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, with a median value of Rs 1,600 per sq.ft. The guideline value for Nagappa Estate is below this median.

• Nagambal Avenue (Ward No.24): Rs 1,300 per sq.ft (2024)
• Naga Lakshmi Nagar: Rs 1,600 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 Nagappa Estate (Ward-30)

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, resulting in a total of Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Nagappa Estate (Ward-30)?

The Madhavaram Sub Registrar Office covers Nagappa Estate (Ward-30). The office is 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 in property transactions as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during property transactions.

When registering a property, the guideline value serves as a benchmark for the minimum value at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value for Nagappa Estate (Ward-30)?

The current guideline value for Nagappa Estate (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How 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 a total increase of 62% over this period.

What is the land classification for Nagappa Estate?

Nagappa Estate is classified as Residential Class III Type - I, indicating its designation for residential purposes within the area.

What is the stamp duty rate for properties in Nagappa Estate?

The stamp duty rate for properties in Nagappa Estate is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it serves the registration needs for properties in the area.