Guideline Value for Sapthagiri Nagar Extension

Sapthagiri Nagar Extension guideline value

The current guideline value for Sapthagiri Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sapthagiri Nagar Extension has changed

Over the years, the guideline value for Sapthagiri Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in 2017. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and the most recent 2024 revision has raised it to Rs 1,300 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 8%. Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 8%.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Sapthagiri Nagar Extension is below this median.

• Sapthagiri Nagar: Rs 1,300 per sq.ft (2024)
• Sapthagiri Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Sarangapani Nagar: Rs 1,300 per sq.ft (2024)
• Sarangapani Salai: Rs 1,300 per sq.ft (2024)
• Sarangapani Street (Ward No.23): Rs 1,300 per sq.ft (2024)
• Sarangapani St (Ward-11): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sapthagiri Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sapthagiri Nagar Extension?

The Sub Registrar Office covering Sapthagiri Nagar Extension 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 in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which the property can be registered, ensuring that transactions are conducted at a fair value as per the government norms.

When registering a property, the guideline value will influence the stamp duty and registration fees applicable. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Sapthagiri Nagar Extension?

The current guideline value for Sapthagiri Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Sapthagiri Nagar Extension?

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

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Sapthagiri Nagar Extension?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.