Guideline Value for Sanjay Nagar

Sanjay Nagar guideline value

The current guideline value of Sanjay Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Sanjay Nagar has changed

The guideline value for Sanjay Nagar has seen several revisions over the years. The earliest recorded figure is from the 2012 revision, which was set at Rs 2,000 per sq.ft. The subsequent 2024 revision increased this value by 10%, bringing it to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

Thus, from the 2012 revision to the 2024 revision, the guideline value increased from Rs 2,000 to Rs 2,200 per sq.ft. This change reflects a significant adjustment in the valuation of properties in this area over the past decade.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 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, positioning Sanjay Nagar's 2024 figure above the median.

• Sanjay Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sanjay Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Sankaralingam st (Ward No.25): Rs 1,300 per sq.ft (2024)
• Sankar Nagar: Rs 2,200 per sq.ft (2024)
• Sankar Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Samy Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sanjay Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sanjay Nagar?

The Sub Registrar Office that covers Sanjay Nagar is 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 is a critical factor during the registration of property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, it is essential to refer to the current guideline value, as it directly impacts the financial obligations involved in the transaction. Buyers should be aware that the guideline value may differ from the sale price, but the higher amount will be used to determine the applicable fees.

Frequently asked questions

What is the current guideline value of Sanjay Nagar?

The current guideline value of Sanjay Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There are no recorded figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What is the land classification of Sanjay Nagar?

Sanjay Nagar is classified as Residential Class I Type - I. This classification indicates the type of development and usage permitted in the area.

What are the stamp duty and registration fees for properties in Sanjay Nagar?

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 based on the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the Sanjay Nagar area.