Guideline Value for Umapathi Nagar

Umapathi Nagar guideline value

The current guideline value of Umapathi 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 Umapathi Nagar has changed

In the 2023 revision, the guideline value for Umapathi Nagar was set at Rs 1,200 per sq.ft. The latest revision in 2024 has increased this value to Rs 1,300 per sq.ft, marking an increase of 8% from the previous year. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017 for this street.

Thus, the only revisions available for Umapathi Nagar are from 2023 and 2024, with the notable increase from Rs 1,200 to Rs 1,300 per sq.ft. This indicates a recent adjustment in the guideline value, reflecting changes in the local real estate landscape.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets 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. Umapathi Nagar's 2024 guideline value is below this median, indicating its relative positioning within the area.

• Umapathi Nagar Extension: Rs 1,300 per sq.ft (2024)
• Umapathy Nagar (Vinayagapuram): Rs 2,200 per sq.ft (2024)
• Umapathy Nagar (Ward-29): Rs 2,200 per sq.ft (2024)
• Udaiya Suriyan St ( Ward No.18 ): Rs 1,300 per sq.ft (2024)
• Udaiyar Thottam 7th st ( Ward No.17 ): Rs 1,600 per sq.ft (2024)
• Udaiyar Thottam 6th st ( Ward No.17 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Umapathi Nagar

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 cost for these fees 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.

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

Which Sub Registrar Office covers Umapathi Nagar?

The Sub Registrar Office that covers Umapathi 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 is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate taxes on property transactions, maintaining transparency and fairness in the real estate market.

Frequently asked questions

What is the current guideline value of Umapathi Nagar?

The current guideline value of Umapathi 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 for Umapathi Nagar was Rs 1,200 per sq.ft in 2023 and increased to Rs 1,300 per sq.ft in 2024, representing an 8% rise. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017 for this street.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, while Umapathi Nagar's current value of Rs 1,300 per sq.ft is below this median.

What are the stamp duty rates in Umapathi Nagar?

The stamp duty rate for property transactions in Umapathi Nagar is 7%. This fee is calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Umapathi Nagar located?

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