Guideline Value for Swamy Nagar (Ward-11)

Swamy Nagar (Ward-11) guideline value

The current guideline value of Swamy Nagar (Ward-11) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram Sub Registrar Office (SRO), and is classified as Residential Class I Type - I.

How the guideline value of Swamy Nagar (Ward-11) has changed

The guideline value of Swamy Nagar has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 2,000 per sq.ft. This value remained unchanged until the next revision in 2017, which saw a decrease to Rs 1,340 per sq.ft. Following this, the guideline value increased significantly to Rs 2,000 per sq.ft in 2023, marking a 49% increase from 2017. The most recent revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing the guideline value of Swamy Nagar (Ward-11) above this median.

• Swamy Nagar Roads (Ward No.11): Rs 2,200 per sq.ft (2024)
• Swamy Ramalingam Colony: Rs 2,700 per sq.ft (2024)
• Swamy Nagar 1st Main Road (Ward 11): Rs 2,200 per sq.ft (2024)
• Swamy Nagar: Rs 2,200 per sq.ft (2024)
• S.V.Koil st (Ward No.10): Rs 1,300 per sq.ft (2024)
• Surya Road: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Swamy Nagar (Ward-11)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these charges Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Swamy Nagar (Ward-11)?

The Sub Registrar Office that covers Swamy Nagar (Ward-11) 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 an essential factor in the registration process when buying or selling property in Madhavaram. It establishes the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers and sellers must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures compliance with legal requirements and helps in the accurate documentation of property transactions.

Frequently asked questions

What is the current guideline value of Swamy Nagar (Ward-11)?

The current guideline value of Swamy Nagar (Ward-11) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Swamy Nagar (Ward-11)?

Swamy Nagar (Ward-11) is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

What are the stamp duty rates for property in Swamy Nagar (Ward-11)?

The stamp duty rate for property transactions in Swamy Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in the area.