Guideline Value for Subramaniya Naicker Nagar

Subramaniya Naicker Nagar guideline value

The current guideline value of Subramaniya Naicker Nagar is Rs 1,600 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 II Type - I.

How the guideline value of Subramaniya Naicker Nagar has changed

The guideline value has undergone several revisions over the years. The oldest recorded revision was in 2012, where the value was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. However, the most recent revision in 2024 saw a significant increase, bringing the value back up to Rs 1,600 per sq.ft.

In terms of percentage changes, the guideline value increased by 59% from 2017 to 2024. Conversely, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram village, 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 guideline value for these streets is Rs 1,600 per sq.ft, which matches the current value for Subramaniya Naicker Nagar.

• Subramaniya Garden Nagar Extension: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Nagar Annex: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Nagar: Rs 2,200 per sq.ft (2024)
• Subramaniya Garden Extension-I: 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)

Stamp duty and registration fee for property in Subramaniya Naicker Nagar

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, and the registration fee at 2% would be Rs 32,000. Together, the total cost for these fees would be Rs 1,44,000. Please 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 details.

Which Sub Registrar Office covers Subramaniya Naicker Nagar?

The Sub Registrar Office that covers Subramaniya Naicker Nagar is located at Madhavaram Sub Registrar Office, 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 critical component in the registration process of 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 is documented at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid based on the guideline value or the actual sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Subramaniya Naicker Nagar?

The current guideline value of Subramaniya Naicker Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value 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. There are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

What are the stamp duty and registration fees in Subramaniya Naicker Nagar?

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. These fees are assessed based on the guideline value or the sale price, whichever is higher.

What is the land classification of Subramaniya Naicker Nagar?

Subramaniya Naicker Nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

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

The Sub Registrar Office for Subramaniya Naicker Nagar is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information through the provided link.