Guideline Value for Sillambu Nagar

Sillambu Nagar guideline value

The current guideline value of Sillambu Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - I.

How the guideline value of Sillambu Nagar has changed

Over the years, the guideline value of Sillambu Nagar has seen several revisions. The 2007 revision set the value at Rs 175 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, in the 2017 revision, it dropped to Rs 804 per sq.ft before rising again to Rs 1,200 per sq.ft in both the 2023 and 2024 revisions. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. The value remained unchanged from 2023 to 2024, showing a 0% change. Overall, from 2007 to 2024, the guideline value has increased by 586%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which is equal to the 2024 figure for Sillambu Nagar. Below are other streets in Madambakkam:

• Siva Nagar: Rs 1,200 per sq.ft (2024)
• Sivasakthi Nagar: Rs 1,200 per sq.ft (2024)
• Shanthi Nagar: Rs 1,200 per sq.ft (2024)
• Shagithya Avenue: Rs 1,200 per sq.ft (2024)
• Sethuganga Nagar: Rs 1,200 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sillambu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value would be Rs 12,00,000. The stamp duty at 7% would amount to Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sillambu Nagar?

The Sub Registrar Office that covers Sillambu Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Madambakkam. It serves as the minimum value for which a property can be registered and is used to calculate the applicable stamp duty and registration fees. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When buying or selling property, the guideline value is essential for determining the financial obligations associated with the transaction. It ensures that both parties are aware of the legal and financial implications of the sale, thereby facilitating a smoother registration process.

Frequently asked questions

What is the current guideline value of Sillambu Nagar?

The current guideline value of Sillambu Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 175 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2024, with various revisions in between, including a drop to Rs 804 per sq.ft in 2017.

What is the land classification for Sillambu Nagar?

Sillambu Nagar is classified as Commercial Special Type - I, which influences its guideline value and potential uses.

Where can I find the registration office for Sillambu Nagar?

The registration office for Sillambu Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Sillambu Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 12,00,000 would incur a stamp duty of Rs 84,000 at the rate of 7%.