Guideline Value for Subramaniya Garden Extension-I

Subramaniya Garden Extension-I guideline value

The current guideline value for Subramaniya Garden Extension-I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Subramaniya Garden Extension-I has changed

The guideline value for Subramaniya Garden Extension-I has seen several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, the most recent revision in 2024 shows a significant increase to Rs 2,200 per sq.ft, marking a 64% rise from the 2017 figure. The overall change from the 2012 revision to the 2024 revision is an increase of 10%.

It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street. The changes between the revisions indicate fluctuations in the guideline value over time.

Guideline values in Madhavaram

In Madhavaram, 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 guideline value in this area is Rs 1,600 per sq.ft, and the guideline value for Subramaniya Garden Extension-I is above this median.

• Subramaniya Garden Nagar: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Nagar Annex: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Nagar Extension: Rs 2,200 per sq.ft (2024)
• Subramani Street (Ward-01): Rs 1,600 per sq.ft (2024)
• Subramani Siva St (Ward No.23): Rs 1,600 per sq.ft (2024)
• Subramani Nagar (Ward No.8): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Subramaniya Garden Extension-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Subramaniya Garden Extension-I?

The Sub Registrar Office that covers Subramaniya Garden Extension-I 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Subramaniya Garden Extension-I?

The current guideline value for Subramaniya Garden Extension-I is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification for Subramaniya Garden Extension-I?

Subramaniya Garden Extension-I is classified as Residential Class I Type - I. This classification is important for understanding the zoning and permissible uses of the land.

What is the stamp duty rate for property transactions in this area?

The stamp duty rate for property transactions in Subramaniya Garden Extension-I is 7%. This rate is applied to the higher of the guideline value or the sale price during registration.

Where is the Sub Registrar Office located for this area?

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