Guideline Value for Swamy Ramalingam Colony

Swamy Ramalingam Colony guideline value

The current guideline value of Swamy Ramalingam Colony is Rs 2,700 per sq.ft, effective from 1 July 2024. This colony is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of Swamy Ramalingam Colony has changed

The guideline value for Swamy Ramalingam Colony has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

Between 2012 and 2024, the overall change in guideline value is also +8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register 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, with a median value of Rs 1,600 per sq.ft. The Swamy Ramalingam Colony's 2024 guideline value of Rs 2,700 per sq.ft is above this median.

• Swamy Nagar (Ward-11): Rs 2,200 per sq.ft (2024)
• Swamy Nagar Roads (Ward No.11): Rs 2,200 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 Ramalingam Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Swamy Ramalingam Colony?

The Sub Registrar Office that covers Swamy Ramalingam Colony is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Swamy Ramalingam Colony?

The current guideline value of Swamy Ramalingam Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

From the 2012 revision to the 2023 revision, the guideline value remained at Rs 2,500 per sq.ft. However, in the 2024 revision, it increased to Rs 2,700 per sq.ft, reflecting an 8% rise from the previous year.

What is the land classification of Swamy Ramalingam Colony?

Swamy Ramalingam Colony is classified as Residential Special Type - I, indicating its designation for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated in Madhavaram?

Stamp duty in Madhavaram is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.