Guideline Value for Selvam Nagar 2nd Cross st ( Ward No.23 )

Selvam Nagar 2nd Cross st ( Ward No.23 ) guideline value

The current guideline value of Selvam Nagar 2nd Cross st ( Ward No.23 ) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Selvam Nagar 2nd Cross st ( Ward No.23 ) has changed

The guideline value for Selvam Nagar 2nd Cross st has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent 2024 revision has increased the guideline value to Rs 2,200 per sq.ft, reflecting a significant rise of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

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 2nd Cross st is above this median.

• Selvam Nagar 3rd Cross st ( Ward No.23 ): Rs 2,200 per sq.ft (2024)
• Selvam Nagar 1st Cross st ( Ward No.23 ): Rs 2,200 per sq.ft (2024)
• Selvam Nagar 4th Cross st ( Ward No.23 ): Rs 2,200 per sq.ft (2024)
• Selvam Nagar 5th Cross st ( Ward No.23 ): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extension: Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extension, Ponniammanmedu (Ward-23): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvam Nagar 2nd Cross st ( Ward No.23 )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Selvam Nagar 2nd Cross st ( Ward No.23 )?

The Sub Registrar Office that covers Selvam Nagar 2nd Cross st ( Ward No.23 ) 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 critical factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the authorities will assess the higher value between the guideline value and the sale price to calculate the applicable charges. This ensures that the registration process is aligned with the official valuation of properties in the area.

Frequently asked questions

What is the current guideline value for Selvam Nagar 2nd Cross st?

The current guideline value for Selvam Nagar 2nd Cross st ( Ward No.23 ) 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 finally to Rs 2,200 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Selvam Nagar 2nd Cross st?

The land classification for Selvam Nagar 2nd Cross st ( Ward No.23 ) is Residential Class I Type - I.

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 registrations for properties in the area.

How is the stamp duty calculated for properties in Selvam Nagar 2nd Cross st?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,54,000.