Guideline Value for Surya Nagar (Ward-29)

Surya Nagar (Ward-29) guideline value

The current guideline value of Surya Nagar (Ward-29) 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 Surya Nagar (Ward-29) has changed

The guideline value for Surya Nagar has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017. The 2023 revision saw an increase to Rs 1,200 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,300 per sq.ft.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 the area is Rs 1,600 per sq.ft, which means that Surya Nagar's 2024 figure is below that median.

• Surya Nagar Annex extension: Rs 3,300 per sq.ft (2024)
• Surya Nagar: Rs 1,300 per sq.ft (2024)
• Surya Garden (Ward-01): Rs 1,300 per sq.ft (2024)
• Surya Road: Rs 1,600 per sq.ft (2024)
• Survey No.881/4: Rs 3,000 per sq.ft (2024)
• Survey No.821/1: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Surya Nagar (Ward-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total charges to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Surya Nagar (Ward-29)?

The Sub Registrar Office that covers Surya Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue based on the value of the property being transacted.

Frequently asked questions

What is the current guideline value of Surya Nagar (Ward-29)?

The current guideline value of Surya Nagar (Ward-29) 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 is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which means that Surya Nagar's guideline value is below this median.

What are the stamp duty and registration fees for properties in Surya Nagar?

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.

Where is the Sub Registrar Office for Surya Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Surya Nagar (Ward-29).