Guideline Value for Sri Logambal Nagar

Sri Logambal Nagar guideline value

The current guideline value for Sri Logambal Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Sri Logambal Nagar has changed

The guideline value for Sri Logambal Nagar has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 1,200 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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 in this area is Rs 1,600 per sq.ft, which means that the 2024 figure for Sri Logambal Nagar is below this median.

• Sri Logambal Nagar Extension: Rs 2,200 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

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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, bringing the total to Rs 1,17,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Logambal Nagar?

The Sub Registrar Office that covers Sri Logambal Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is bought or sold, the registration office uses the guideline value to calculate the necessary charges. This ensures that both parties in the transaction are aware of the financial obligations associated with the transfer of property ownership.

Frequently asked questions

What is the current guideline value for Sri Logambal Nagar?

The current guideline value for Sri Logambal Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Sri Logambal Nagar has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Sri Logambal Nagar?

Sri Logambal Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Sri Logambal Nagar?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for Sri Logambal Nagar located?

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