Guideline Value for Ring Road Housing Sector

Ring Road Housing Sector guideline value

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

How the guideline value of Ring Road Housing Sector has changed

The guideline value for Ring Road Housing Sector has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in 2017. However, the value saw a significant increase to Rs 2,300 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 2,450 per sq.ft, marking a 7% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, the value has risen by 23% from 2012 to 2024. 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 Ring Road Housing Sector's 2024 figure above that median.

• Ring Road Housing Sector (Ward-10): 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

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, making the total fees together 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.

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

Which Sub Registrar Office covers Ring Road Housing Sector?

The Ring Road Housing Sector is covered by 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 in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

When purchasing property, understanding the guideline value helps in budgeting for additional costs related to registration. It is advisable to check the latest guideline values to ensure accurate financial planning during a property transaction.

Frequently asked questions

What is the current guideline value of Ring Road Housing Sector?

The current guideline value of Ring Road Housing Sector 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 are the stamp duty and registration fees for properties in this area?

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

Which office handles property registration for Ring Road Housing Sector?

The Madhavaram Sub Registrar Office handles property registration for Ring Road Housing Sector, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Ring Road Housing Sector?

The land classification for Ring Road Housing Sector is Industries Type - I, indicating its suitability for industrial purposes.