Guideline Value for Nagavalli Avenue 1st Street (Ward 23)

Nagavalli Avenue 1st Street (Ward 23) guideline value

The current guideline value of Nagavalli Avenue 1st Street (Ward 23) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Nagavalli Avenue 1st Street (Ward 23) has changed

The guideline value has undergone several revisions over the years. In 2017, the value was Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 has set the value at Rs 1,300 per sq.ft, marking an 8% increase from the previous year. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the guideline value saw a significant increase of 49%, and overall, from 2017 to 2024, the increase is 62%. These changes reflect the adjustments made in the guideline value 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 of Nagavalli Avenue 1st Street (Ward 23) is below this median.

• Nagavalli Avenue: 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)
• Nagavalli Avenue, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Nagoda Nagar: Rs 1,300 per sq.ft (2024)
• Nagappa Estate (Ward-30): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagavalli Avenue 1st Street (Ward 23)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nagavalli Avenue 1st Street (Ward 23)?

The Sub Registrar Office that covers Nagavalli Avenue 1st Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a crucial figure used during the registration of property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This ensures that both buyers and sellers are aware of the official value assigned to the property by the government.

Frequently asked questions

What is the current guideline value of Nagavalli Avenue 1st Street (Ward 23)?

The current guideline value of Nagavalli Avenue 1st Street (Ward 23) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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

What is the registration fee for a property in Nagavalli Avenue 1st Street?

The registration fee for a property in Nagavalli Avenue 1st Street is calculated at 2% of the guideline value. For example, for a 1,000 sq.ft plot, the registration fee would be Rs 26,000.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Nagavalli Avenue 1st Street (Ward 23) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Madhavaram?

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