Guideline Value for Nanda Nagar, Lakshmipuram (Ward-26)

Nanda Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Nanda Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification is Residential Class III Type - I.

How the guideline value of Nanda Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Nanda Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in 2023, marking an 8% rise. Prior to that, in 2017, the guideline value was Rs 804 per sq.ft, indicating a significant increase of 49% from 2017 to 2023. The overall change from 2017 to 2024 is a notable 62% increase.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are 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 in this area is Rs 1,600 per sq.ft, which means that Nanda Nagar's 2024 figure is below this median.

• Nandan Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• Nandha Nagar: Rs 1,300 per sq.ft (2024)
• Nangu Neri Nagar: Rs 1,300 per sq.ft (2024)
• Nagoda Nagar: Rs 1,300 per sq.ft (2024)
• Nagavalli Avenue, Ponniammanmedu (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 Nanda Nagar, Lakshmipuram (Ward-26)

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, while the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration would be Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nanda Nagar, Lakshmipuram (Ward-26)?

The Nanda Nagar, Lakshmipuram (Ward-26) area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the stamp duty and registration fees are calculated accordingly.

When buying or selling property, the guideline value is used to assess the financial obligations involved in the transaction. Buyers must be aware that the duty is charged based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Nanda Nagar, Lakshmipuram?

The current guideline value for Nanda Nagar, Lakshmipuram (Ward-26) 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, representing an overall change of 62%.

What is the stamp duty rate in Nanda Nagar?

The stamp duty rate in Nanda Nagar is 7% of the guideline value or the sale price, whichever is higher.

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 does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value of a property, which in turn affects the stamp duty and registration fees during a transaction. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price.