Guideline Value for Sri Logambal Nagar Extension

Sri Logambal Nagar Extension guideline value

The current guideline value of Sri Logambal Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Sri Logambal Nagar Extension has changed

The guideline value for Sri Logambal Nagar Extension has seen significant changes over the years. In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. It increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has risen by 64%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Sri Logambal Nagar Extension's 2024 value above this median.

• Sri Logambal Nagar: Rs 1,300 per sq.ft (2024)
• Sri Lalitha Nagar: Rs 1,300 per sq.ft (2024)
• Sri Lalitha Garden: Rs 1,300 per sq.ft (2024)
• Sri Nagar: Rs 1,600 per sq.ft (2024)
• Srikrishna Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Sri Krishna Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Logambal Nagar Extension

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, bringing the total to Rs 1,98,000. 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 more details.

Which Sub Registrar Office covers Sri Logambal Nagar Extension?

The Sri Logambal Nagar Extension is covered by 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 plays a crucial role in property transactions in Madhavaram. When a property is registered, the guideline value is used to determine the stamp duty and registration fees applicable on the transaction.

Buyers and sellers must be aware that the stamp duty is charged on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate fees during property transfers.

Frequently asked questions

What is the current guideline value of Sri Logambal Nagar Extension?

The current guideline value of Sri Logambal 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 64% over this period.

What is the registration office for Sri Logambal Nagar Extension?

The registration office for Sri Logambal Nagar Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Sri Logambal Nagar Extension?

Stamp duty is 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 at 7%.

What are the guideline values for other streets in Madhavaram?

In Madhavaram, the guideline values for other streets vary, with rates ranging from Rs 1,300 to Rs 7,500 per sq.ft. For instance, Sri Nagar is valued at Rs 1,600 per sq.ft, while Sri Logambal Nagar is at Rs 2,200 per sq.ft.