Guideline Value for Subramani Street (Ward-01)

Subramani Street (Ward-01) guideline value

The current guideline value of Subramani Street (Ward-01) in Madhavaram village is Rs 1,600 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Subramani Street (Ward-01) has changed

The guideline value for Subramani Street (Ward-01) has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. However, a significant increase was observed in the 2024 revision, where the value rose to Rs 1,600 per sq.ft, marking a 59% increase from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 7%.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 in the register for this street. This lack of data indicates that the values for these years were either not established or not applicable.

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 value for these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value of Subramani Street (Ward-01).

• Subramani Siva St (Ward No.23): Rs 1,600 per sq.ft (2024)
• Subramaniya Garden Extension-I: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Nagar: Rs 2,200 per sq.ft (2024)
• Subramani Nagar (Ward No.8): Rs 1,600 per sq.ft (2024)
• Subramaniya Garden Nagar Annex: Rs 2,200 per sq.ft (2024)
• Subramani Nagar, Vinayagapuram (Ward-29): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Subramani Street (Ward-01)

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.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property details.

Which Sub Registrar Office covers Subramani Street (Ward-01)?

The Sub Registrar Office that covers Subramani Street (Ward-01) is 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 is a critical factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value according to government standards.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for completing the legal formalities of the transaction. Buyers should be aware of the guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of Subramani Street (Ward-01)?

The current guideline value of Subramani Street (Ward-01) 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, and then increased to Rs 1,600 per sq.ft in 2024. This represents a 59% increase from 2017 to 2024.

What is the land classification for Subramani Street (Ward-01)?

Subramani Street (Ward-01) is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.