Guideline Value for Rizwan Road ( Ward No.18 )

Rizwan Road ( Ward No.18 ) guideline value

The current guideline value of Rizwan Road ( Ward No.18 ) is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Madhavaram village, under the Madhavaram SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Rizwan Road ( Ward No.18 ) has changed

Over the years, the guideline value of Rizwan Road has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased to Rs 3,000 per sq.ft in 2023 and further rose to the current rate of Rs 3,300 per sq.ft in 2024.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10%. 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 a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Rizwan Road's 2024 figure above this median.

• RK Nagar: 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)
• Ring Road Housing Sector (Ward-10): Rs 2,450 per sq.ft (2024)
• Ring Road Housing Sector: Rs 2,450 per sq.ft (2024)
• R.M. Road Devaki Nagar Part-I: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rizwan Road ( Ward No.18 )

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Rizwan Road ( Ward No.18 )?

The Sub Registrar Office that covers Rizwan Road ( Ward No.18 ) 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 is a crucial factor during property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for legal property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately. It helps in determining the official value of the property, which is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Rizwan Road ( Ward No.18 )?

The current guideline value of Rizwan Road ( Ward No.18 ) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Rizwan Road?

Rizwan Road is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for a property on Rizwan Road?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the guideline value of Rs 33,00,000.

Which office handles the registration for properties on Rizwan Road?

The Madhavaram Sub Registrar Office handles the registration for properties on Rizwan Road ( Ward No.18 ). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.