Guideline Value for Sankar Nagar

Sankar Nagar guideline value

The current guideline value of Sankar 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 Sankar Nagar has changed

The guideline value for Sankar Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from the 2023 revision, which was Rs 2,000 per sq.ft. Prior to that, the guideline value remained unchanged at Rs 2,000 per sq.ft from the 2012 revision through to 2023.

There are no figures available for the years 2002, 2003, 2007, and 2017 in the register for Sankar Nagar. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

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. The median guideline value in the village is Rs 1,600 per sq.ft, placing Sankar Nagar's 2024 figure above this median.

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

Stamp duty and registration fee for property in Sankar Nagar

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 fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sankar Nagar?

The Sub Registrar Office that covers Sankar Nagar 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 an essential factor in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government norms.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the actual sale price, whichever is higher. This ensures that the transaction is transparent and complies with local regulations.

Frequently asked questions

What is the current guideline value of Sankar Nagar?

The current guideline value of Sankar 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 has seen a 10% increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. From 2012 to 2024, the overall increase is also 10%.

What is the land classification of Sankar Nagar?

Sankar Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

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 the area.

How is stamp duty calculated in Sankar Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.