Guideline Value for Sundaravaradan Nagar (Ward-07)

Sundaravaradan Nagar (Ward-07) guideline value

The current guideline value of Sundaravaradan Nagar (Ward-07) is Rs 1,300 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 III Type - I.

How the guideline value of Sundaravaradan Nagar (Ward-07) has changed

In the 2023 revision, the guideline value was Rs 1,200 per sq.ft. The most recent revision in 2024 has increased this value to Rs 1,300 per sq.ft, marking an increase of 8%. The register has no figure for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Thus, the only revisions available for Sundaravaradan Nagar (Ward-07) are from 2023 and 2024, showing a clear upward movement in the guideline value from Rs 1,200 to Rs 1,300 per sq.ft.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Sundaravaradan Nagar (Ward-07) is below this median.

• Sundara Varadhan Nagar (Ward-10): Rs 1,300 per sq.ft (2024)
• Sundara Vinayagar Koil Street: Rs 1,300 per sq.ft (2024)
• Sundaramoorthy Salai (Ward-23): Rs 1,300 per sq.ft (2024)
• Sundaram Nagar (Ward-09): Rs 1,300 per sq.ft (2024)
• Sundarababu St. (Ward-11): Rs 1,300 per sq.ft (2024)
• Sumathi Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sundaravaradan Nagar (Ward-07)

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, making the total fees together Rs 1,17,000. Duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sundaravaradan Nagar (Ward-07)?

The Sub Registrar Office covering Sundaravaradan Nagar (Ward-07) 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 determining the stamp duty and registration fees when buying or selling property in Madhavaram. It serves as a benchmark for the minimum price at which properties are registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is fairly recorded and taxed according to the established values.

Frequently asked questions

What is the current guideline value of Sundaravaradan Nagar (Ward-07)?

The current guideline value of Sundaravaradan Nagar (Ward-07) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for Sundaravaradan Nagar (Ward-07)?

Sundaravaradan Nagar (Ward-07) is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sundaravaradan Nagar (Ward-07)?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Sundaravaradan Nagar (Ward-07).