Guideline Value for Sapthagiri Nagar, Lakshmipuram (Ward-26)

Sapthagiri Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Sapthagiri Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I, managed by the Madhavaram SRO.

How the guideline value of Sapthagiri Nagar, Lakshmipuram (Ward-26) has changed

Over the years, the guideline value for Sapthagiri Nagar 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 the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and finally reached Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that the register has no figure for this street for the years 2002, 2003, and 2007.

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 is below this median.

• Sapthagiri Nagar Extension: Rs 1,300 per sq.ft (2024)
• Sapthagiri Nagar: 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, Lakshmipuram (Ward-26)

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 the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sapthagiri Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Sapthagiri Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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 serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. This value helps in establishing a fair transaction and is used by the registration authorities to assess the legitimacy of the sale price.

Frequently asked questions

What is the current guideline value of Sapthagiri Nagar?

The current guideline value of Sapthagiri Nagar, Lakshmipuram (Ward-26) 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 increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, while the guideline value for Sapthagiri Nagar is below this median.

What are the stamp duty and registration fees for a property in Sapthagiri Nagar?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for Sapthagiri Nagar?

The Madhavaram Sub Registrar Office handles registrations for Sapthagiri Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.