Guideline Value for Surya Nagar

Surya Nagar guideline value

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

How the guideline value of Surya Nagar has changed

The guideline value for Surya Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft. This decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 1,200 per sq.ft. The latest revision in 2024 set the guideline value at Rs 1,300 per sq.ft, representing an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

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, with a median value of Rs 1,600 per sq.ft. The guideline value of Surya Nagar is below this median.

• Surya Garden (Ward-01): Rs 1,300 per sq.ft (2024)
• Surya Nagar Annex extension: Rs 3,300 per sq.ft (2024)
• Surya Nagar (Ward-29): Rs 1,300 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)
• Survey No.750/2A, 751: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Surya Nagar

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 be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Surya Nagar?

The Sub Registrar Office that covers Surya 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 plays a crucial role during the registration of property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements set by the Registration Department.

When a property is bought or sold, the guideline value is referenced to determine the appropriate fees. It is essential for buyers to understand this value as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Surya Nagar?

The current guideline value of Surya 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 other streets in Madhavaram with their guideline values?

Other streets in Madhavaram include Surya Garden (Ward-01) at Rs 1,300 per sq.ft, Surya Nagar Annex extension at Rs 3,300 per sq.ft, and more, with varying guideline values.

How is the stamp duty calculated for property in Surya Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,300 per sq.ft would incur a stamp duty of Rs 91,000.

Where can I find the Sub Registrar Office for Surya Nagar?

The Sub Registrar Office for Surya Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of property transactions in the area.