Guideline Value for Sastri Nagar (Ward-02)

Sastri Nagar (Ward-02) guideline value

The current guideline value for Sastri Nagar (Ward-02) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, and the land classification is Residential Special Type - I.

How the guideline value of Sastri Nagar (Ward-02) has changed

Over the years, the guideline value for Sastri Nagar (Ward-02) has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and then to the current Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a substantial increase of 49%. When considering the overall change from 2012 to 2024, the guideline value has increased by 8%. This indicates fluctuations in the guideline values over the years, reflecting the changes in the real estate landscape in the area.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Sastri Nagar (Ward-02) above this median value.

• Sastri Nagar (Ward-01): Rs 2,700 per sq.ft (2024)
• Sastri Nagar Ext,Ponniammanmedu (Ward-24): Rs 2,700 per sq.ft (2024)
• Sasthri Nagar, Ponniammanmedu (Ward-24): Rs 2,700 per sq.ft (2024)
• Sasthri Nagar, Periya Sekkadu: Rs 2,700 per sq.ft (2024)
• Sasthri nagar Main Road (Ward No.1): Rs 2,700 per sq.ft (2024)
• Sasthri nagar Burial Ground rd (Ward No.1): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sastri Nagar (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty is calculated at 7%, which comes to Rs 1,89,000, while the registration fee is charged at 2%, totaling Rs 54,000. Therefore, the combined cost for stamp duty and registration fee would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more specific calculations based on your property details.

Which Sub Registrar Office covers Sastri Nagar (Ward-02)?

The Sub Registrar Office that covers Sastri Nagar (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid penalties during the registration process.

At the time of registration, the guideline value is used to calculate the stamp duty and registration fees applicable to the property transaction. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Sastri Nagar (Ward-02)?

The current guideline value for Sastri Nagar (Ward-02) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Sastri Nagar (Ward-02)?

The land classification for Sastri Nagar (Ward-02) is Residential Special Type - I.

Where can I find the Sub Registrar Office for Sastri Nagar (Ward-02)?

The Sub Registrar Office for Sastri Nagar (Ward-02) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How do stamp duty and registration fees work in Sastri Nagar (Ward-02)?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000.