Guideline Value for Nithya Garden Extension

Nithya Garden Extension guideline value

The current guideline value of Nithya Garden Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Nithya Garden Extension has changed

The guideline value for Nithya Garden Extension has undergone several revisions over the years. The earliest available revision is from 2017, where the guideline value was Rs 1,340 per sq.ft. This figure was revised to Rs 2,200 per sq.ft in 2024, marking an increase of 64% over the seven-year period.

There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street. The only significant change noted is from 2017 to 2024, with the guideline value rising from Rs 1,340 to Rs 2,200 per sq.ft.

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. Nithya Garden Extension's 2024 figure of Rs 2,200 per sq.ft is above this median.

• New Telephone Colony: Rs 1,600 per sq.ft (2024)
• North Telephone Colony: Rs 1,600 per sq.ft (2024)
• New Sasthri Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• New Sasthri Nagar: Rs 1,300 per sq.ft (2024)
• NSC BOSE Nagar: Rs 1,300 per sq.ft (2024)
• NSC Boss Road (Ward-8): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nithya Garden Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nithya Garden Extension?

The Sub Registrar Office that covers Nithya Garden Extension is the Madhavaram Sub Registrar Office, 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 plays a crucial role during the registration of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nithya Garden Extension?

The current guideline value of Nithya Garden Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This value is set by the Madhavaram SRO.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing an increase of 64%. There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for Nithya Garden Extension?

The land classification for Nithya Garden Extension is Residential Class I Type - I. This classification affects the guideline value and potential use of the land.

What are the stamp duty and registration fees for properties in Nithya Garden Extension?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in Nithya Garden Extension and surrounding areas.