Guideline Value for Sri Ragavendra Nagar Extension

Sri Ragavendra Nagar Extension guideline value

The current guideline value of Sri Ragavendra Nagar Extension is Rs 1,600 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 area is Residential Class II Type - I.

How the guideline value of Sri Ragavendra Nagar Extension has changed

The guideline value for Sri Ragavendra Nagar Extension has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft, which changed to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision set the value at Rs 1,500 per sq.ft, and the latest revision in 2024 increased it to Rs 1,600 per sq.ft. Notably, there are no figures for this street in the revisions of 2002, 2003, and 2007.

Between the revisions, the guideline value changed as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The change from 2023 to 2024 reflects a 7% increase, resulting in an overall increase of 7% from 2012 to 2024.

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 as of 2024. The median guideline value for the village is Rs 1,600 per sq.ft, which matches the current value for Sri Ragavendra Nagar Extension.

• Sri Ragavendra Nagar (Ponniamman Medu): Rs 1,600 per sq.ft (2024)
• Sriragavendra Nagar,Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Sri Ragavendran Avenue: Rs 1,600 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 1,600 per sq.ft (2024)
• Sri Ragavendra Avenue Annex: Rs 1,600 per sq.ft (2024)
• Sri Ramachandra Nagar: Rs 1,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty, charged at 7%, would be Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Thus, the total cost for stamp duty and registration would be Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Ragavendra Nagar Extension?

The Sub Registrar Office that covers Sri Ragavendra 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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value of a property for registration purposes. This value is used to calculate stamp duty and registration fees, which are mandatory costs in any property transaction.

When you register a property, the guideline value ensures that both the buyer and seller are aware of the official valuation of the property. This helps maintain transparency in property transactions and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

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

The current guideline value of Sri Ragavendra Nagar Extension is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the stamp duty for property in Sri Ragavendra Nagar Extension?

The stamp duty for property in Sri Ragavendra Nagar Extension is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

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

What is the land classification for Sri Ragavendra Nagar Extension?

The land classification for Sri Ragavendra Nagar Extension is Residential Class II Type - I.