Guideline Value for Sumathi Nagar

Sumathi Nagar guideline value

The current guideline value of Sumathi Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Sumathi Nagar has changed

The guideline value for Sumathi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. In 2023, the value increased to Rs 1,200 per sq.ft, and the latest 2024 revision has raised it to Rs 1,300 per sq.ft. It's important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while the change from 2023 to 2024 reflects an 8% increase. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values 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, placing the 2024 figure for Sumathi Nagar below this median.

• Sundarababu St. (Ward-11): Rs 1,300 per sq.ft (2024)
• Sugannia Nagar Annexe: Rs 2,200 per sq.ft (2024)
• Sundaram Nagar (Ward-09): Rs 1,300 per sq.ft (2024)
• Sundaramoorthy Salai (Ward-23): Rs 1,300 per sq.ft (2024)
• Sundaravaradan Nagar (Ward-07): Rs 1,300 per sq.ft (2024)
• Sundara Varadhan Nagar (Ward-10): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sumathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sumathi Nagar?

The Sub Registrar Office that covers Sumathi Nagar 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 crucial factor in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The guideline value is set by the government and is updated periodically to reflect changes in the market.

When a property is registered, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the transaction is fairly assessed for tax purposes.

Frequently asked questions

What is the current guideline value of Sumathi Nagar?

The current guideline value of Sumathi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Sumathi Nagar?

For a property valued at Rs 13,00,000, the stamp duty is Rs 91,000 and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Which office manages the registration of properties in Sumathi Nagar?

The Madhavaram Sub Registrar Office manages the registration of properties in Sumathi Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Sumathi Nagar?

Sumathi Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes within the area.