Guideline Value for Selvam Nagar (Ward-24)

Selvam Nagar (Ward-24) guideline value

The current guideline value of Selvam Nagar (Ward-24) is Rs 2,200 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 I Type - I.

How the guideline value of Selvam Nagar (Ward-24) has changed

The guideline value of Selvam Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent revision in 2024 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 there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

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. The median guideline value is Rs 1,600 per sq.ft, placing Selvam Nagar (Ward-24) above this median.

• Selvam Nagar (Ponniamman Medu) (Ward-23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar ( Ward No.25 ): 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-24)

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, bringing the total to 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-24)?

The Sub Registrar Office that covers Selvam Nagar (Ward-24) 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 is an essential factor in property transactions in Madhavaram. It serves as a reference point for determining the minimum value at which a property can be registered. This value is crucial for calculating stamp duty and registration fees during the sale or purchase of property.

When buying or selling property, the guideline value ensures transparency and helps in standardizing property transactions. It is advisable to check the latest guideline value before proceeding with any property transaction to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Selvam Nagar (Ward-24)?

The current guideline value of Selvam Nagar (Ward-24) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has changed from Rs 2,000 per sq.ft to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This reflects a 10% overall increase from 2012 to 2024.

What is the land classification of Selvam Nagar (Ward-24)?

Selvam Nagar (Ward-24) is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in Selvam Nagar (Ward-24)?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Selvam Nagar (Ward-24)?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Selvam Nagar (Ward-24).