Guideline Value for Subam Nagar (Ward-02)

Subam Nagar (Ward-02) guideline value

The current guideline value of Subam Nagar (Ward-02) 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 locality is Residential Class II Type - I.

How the guideline value of Subam Nagar (Ward-02) has changed

The guideline value for Subam Nagar (Ward-02) has seen several revisions over the years. The earliest recorded revision is from 2012, which set the value at Rs 1,200 per sq.ft. This was followed by a significant increase to Rs 1,500 per sq.ft in 2023, marking a 25% rise. The latest revision in 2024 raised the guideline value further to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year. Notably, there are no recorded figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 33%, indicating a consistent upward trend in the valuation of properties in this area.

Guideline values in Madhavaram

Madhavaram village features a variety of guideline values across its 1946 streets, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which aligns with the current rate for Subam Nagar (Ward-02). Below are the guideline values for other streets in Madhavaram:

• Subam Street 1st Street: Rs 1,600 per sq.ft (2024)
• Subam Street 2nd Street: Rs 1,600 per sq.ft (2024)
• Subam Street 3rd Street: Rs 1,600 per sq.ft (2024)
• Subam Street 4th Street: Rs 1,600 per sq.ft (2024)
• Subam Avenue (Ward-02): Rs 1,600 per sq.ft (2024)
• Subam Avenue 4th St (Ward 2): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Subam Nagar (Ward-02)

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 at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to 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 a detailed calculation, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Subam Nagar (Ward-02)?

The Sub Registrar Office that covers Subam Nagar (Ward-02) 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 plays a crucial role in the registration process when buying or selling property 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 from property transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Subam Nagar (Ward-02)?

The current guideline value of Subam Nagar (Ward-02) 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 increased from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024. This represents a total increase of 33% over the 12-year period.

What are the stamp duty and registration fees for properties in Subam Nagar (Ward-02)?

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 in fees.

Which office handles property registrations in Subam Nagar (Ward-02)?

The Madhavaram Sub Registrar Office handles property registrations for Subam Nagar (Ward-02). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Subam Nagar (Ward-02)?

The land classification for Subam Nagar (Ward-02) is Residential Class II Type - I, indicating its suitability for residential development.