Guideline Value for Sree Nagar (Ward-04)

Sree Nagar (Ward-04) guideline value

The current guideline value of Sree Nagar (Ward-04) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Sree Nagar (Ward-04) has changed

Over the years, the guideline value for Sree Nagar (Ward-04) has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, which is an increase of 8% from the 2023 revision of Rs 1,200 per sq.ft. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, indicating no change from 2012 to 2023. The revisions for the years 2002, 2003, 2007, and 2017 have no recorded figures for this street.

Overall, from 2012 to 2024, the guideline value has increased by 8%. This reflects the changes in the guideline value over the years, with the most significant change occurring in the latest revision.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, placing Sree Nagar (Ward-04) below this median value.

• Sri Abirami Nagar: Rs 1,300 per sq.ft (2024)
• Sri Ambal Nagar: Rs 1,300 per sq.ft (2024)
• Sri Balaji Avenue: Rs 1,300 per sq.ft (2024)
• Soorappattu Road (Vinayagapuram): Rs 1,300 per sq.ft (2024)
• Soorapat Road (Ward-29): Rs 1,300 per sq.ft (2024)
• S.M.B. Nagar (Ward-11): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sree Nagar (Ward-04)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total fees together Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sree Nagar (Ward-04)?

The Sub Registrar Office covering Sree Nagar (Ward-04) 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

When buying or selling property in Madhavaram, the guideline value is a crucial factor in determining the registration fees. The guideline value serves as a benchmark for the minimum value at which properties can be registered, ensuring that the transaction is recorded at a fair value according to government standards.

Additionally, the guideline value influences the stamp duty payable during the registration process. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Sree Nagar (Ward-04)?

The current guideline value of Sree Nagar (Ward-04) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an 8% increase. There was no change from 2012 to 2023, as both years recorded a value of Rs 1,200 per sq.ft.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram under the Madhavaram SRO have a guideline value of Rs 1,300 per sq.ft for the year 2024. This includes streets such as Sri Abirami Nagar, Sri Ambal Nagar, and Sri Balaji Avenue.

What fees are involved when registering property in Sree Nagar (Ward-04)?

The fees involved in registering property include stamp duty, which is 7% of the guideline value, and a registration fee of 2%. For example, a property valued at Rs 13,00,000 would incur a total fee of Rs 1,17,000.

Where can I find the Sub Registrar Office for Sree Nagar (Ward-04)?

The Madhavaram Sub Registrar Office, which covers Sree Nagar (Ward-04), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about your SRO online.