Guideline Value for Sri Vinayaga Nagar Extension

Sri Vinayaga Nagar Extension guideline value

The current guideline value for Sri Vinayaga 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 street is Residential Class II Type - I.

How the guideline value of Sri Vinayaga Nagar Extension has changed

Over the years, the guideline value for Sri Vinayaga Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 has set it at Rs 1,600 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

The changes between the revisions highlight a 7% increase from 2023 to 2024, and a substantial 49% increase from 2017 to 2023. However, the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram village, there are 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 value for these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value for Sri Vinayaga Nagar Extension.

• Sri Vinayaga Nagar: Rs 1,600 per sq.ft (2024)
• Sri Vignesh Nagar: Rs 1,300 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 1,300 per sq.ft (2024)
• S.S. Koil Street: Rs 1,300 per sq.ft (2024)
• S.S. Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• S.S. Nagar (Ward-02): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vinayaga 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 would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Together, the total cost for these fees would be Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Vinayaga Nagar Extension?

The Sub Registrar Office that covers Sri Vinayaga Nagar Extension 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 in the registration process for property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can affect the total cost involved in the transaction.

Frequently asked questions

What is the current guideline value for Sri Vinayaga Nagar Extension?

The current guideline value for Sri Vinayaga 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 increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office handles property registrations in Madhavaram, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value determined for properties in Madhavaram?

The guideline value is determined based on various factors including land classification and the median values of surrounding streets. It serves as a reference point for property transactions and ensures compliance with government regulations.