Guideline Value for Ring Road Housing Sector (Ward-10)

Ring Road Housing Sector (Ward-10) guideline value

The current guideline value for Ring Road Housing Sector (Ward-10) is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Industries Type - I.

How the guideline value of Ring Road Housing Sector (Ward-10) has changed

The guideline value for Ring Road Housing Sector (Ward-10) has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in the 2023 revision, and further rose to the current Rs 2,450 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 23%. The changes between revisions are notable: from 2017 to 2023, there was a 49% increase, while the 2012 to 2017 revision saw a decrease of 23%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing the guideline value for Ring Road Housing Sector (Ward-10) above this median.

• Ring Road Housing Sector: Rs 2,450 per sq.ft (2024)
• Rizwan Road ( Ward No.18 ): Rs 3,300 per sq.ft (2024)
• RK Nagar: Rs 1,300 per sq.ft (2024)
• Renganathan Avenue: Rs 1,300 per sq.ft (2024)
• R.K.Nagar Road ( Ward No.2 ): Rs 1,300 per sq.ft (2024)
• R K Nagar (Ward-02): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ring Road Housing Sector (Ward-10)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,450 per sq.ft, the total guideline value amounts to Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, bringing the total cost together to Rs 2,20,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ring Road Housing Sector (Ward-10)?

The Ring Road Housing Sector (Ward-10) falls under 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 price at which properties can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately for taxation and legal purposes.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value for Ring Road Housing Sector (Ward-10)?

The current guideline value for Ring Road Housing Sector (Ward-10) is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,450 per sq.ft in 2024.

What is the land classification for Ring Road Housing Sector (Ward-10)?

Ring Road Housing Sector (Ward-10) is classified as Industries Type - I, indicating its designation for industrial use.

What are the registration fees for property transactions?

For a property valued at Rs 24,50,000, the stamp duty would be Rs 1,71,500 at 7%, and the registration fee would be Rs 49,000 at 2%, totaling Rs 2,20,500.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details through the provided links.