Guideline Value for Selvam Nagar Extension

Selvam Nagar Extension guideline value

The current guideline value of Selvam Nagar Extension, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Selvam Nagar Extension has changed

Over the years, the guideline value for Selvam Nagar Extension has seen several revisions. The earliest recorded figure is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. However, the latest revision in 2024 has increased the value to Rs 2,200 per sq.ft, representing a significant rise of 64% from the 2017 figure.

When considering the overall changes from 2012 to 2024, there has been a modest increase of 10%. It is important to note that the register has no figure for this street in the years 2023, 2007, 2003, and 2002.

Guideline values in Madhavaram

In Madhavaram village, 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 Extension is above this median, indicating a relatively higher valuation within the village.

• Selvam Nagar 5th Cross st (Ward No.23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extension, Ponniammanmedu (Ward-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 Extn Ethiraj St (Ward-23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar 3rd Cross st (Ward No.23): Rs 2,200 per sq.ft (2024)
• Selvam Nagar Extn Mgr Salai (Ward-23): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvam Nagar Extension

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 the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Selvam Nagar Extension?

The Sub Registrar Office that covers Selvam Nagar Extension 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

When buying or selling property in Madhavaram, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value is used to calculate these fees, ensuring that they are based on a standardized valuation of the property.

During the registration process, it is essential to understand that the fees are charged on the higher of the guideline value or the sale price. This means that if the sale price exceeds the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Selvam Nagar Extension?

The current guideline value of Selvam Nagar Extension 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, then increased to Rs 2,200 per sq.ft in 2024. Overall, there has been a 10% increase from 2012 to 2024.

What is the land classification for Selvam Nagar Extension?

Selvam Nagar Extension falls under the Residential Class I Type - I land classification.

Where can I find the Sub Registrar Office for Selvam Nagar Extension?

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

How are stamp duty and registration fees calculated in Madhavaram?

Stamp duty and registration fees in Madhavaram are calculated based on the guideline value or the sale price, whichever is higher. For example, 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.