Guideline Value for Sapthagiri Nagar

Sapthagiri Nagar guideline value

The current guideline value of Sapthagiri Nagar 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 has changed

The guideline value for Sapthagiri Nagar has seen several revisions over the years. The earliest available figure is from 2012, when the guideline value was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017. In 2023, the value increased to Rs 1,200 per sq.ft, and the most recent revision in 2024 has set the value at Rs 1,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Between the revisions, the changes are significant. From 2017 to 2023, there was a 49% increase in the guideline value. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 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 of Sapthagiri Nagar is below this median.

• Sapthagiri Nagar Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration fees would be 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sapthagiri Nagar?

The Sub Registrar Office that covers Sapthagiri 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sapthagiri Nagar?

The current guideline value of Sapthagiri Nagar 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 back 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 of Sapthagiri Nagar?

Sapthagiri Nagar is classified as Residential Class III Type - I according to the land classification standards.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated in Sapthagiri Nagar?

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