Guideline Value for Selvam Nagar ( Ward No.25 )

Selvam Nagar ( Ward No.25 ) guideline value

The current guideline value for Selvam Nagar ( Ward No.25 ) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Selvam Nagar ( Ward No.25 ) has changed

The guideline value for Selvam Nagar has seen several revisions over the years. The oldest available revision is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The most recent revision, effective from 1 July 2024, has increased the value to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

When comparing the revisions, the change from 2017 to 2024 shows an increase of 64%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, 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, with a median value of Rs 1,600 per sq.ft. The guideline value for Selvam Nagar ( Ward No.25 ) is above this median.

• Selvam Nagar (Ward-24): Rs 2,200 per sq.ft (2024)
• Selvam Nagar (Ponniamman Medu) (Ward-23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Main Rd ( Ward No.23 ): Rs 2,200 per sq.ft (2024)
• Selvam Nagar, Lakshmipuram (Ward-25): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extn Thiyagarajansalai (Ward-23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extn Thangarajsalai (Ward-23): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvam Nagar ( Ward No.25 )

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. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that 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 further assistance.

Which Sub Registrar Office covers Selvam Nagar ( Ward No.25 )?

The Sub Registrar Office that covers Selvam Nagar ( Ward No.25 ) 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 registration fees and stamp duty that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable duties. This means that the higher of the guideline value or the sale price will be considered for the calculation of stamp duty and registration fees, ensuring that all transactions are fairly assessed.

Frequently asked questions

What is the current guideline value of Selvam Nagar ( Ward No.25 )?

The current guideline value of Selvam Nagar ( Ward No.25 ) 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

What is the land classification for Selvam Nagar ( Ward No.25 )?

The land classification for Selvam Nagar ( Ward No.25 ) is Residential Class I Type - I. This classification is important for understanding the usage and development potential of the land.

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 all registration activities for properties in the area.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000.