Guideline Value for Umapathy Nagar (Vinayagapuram)

Umapathy Nagar (Vinayagapuram) guideline value

The current guideline value of Umapathy Nagar (Vinayagapuram) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class I Type - I by the Madhavaram SRO.

How the guideline value of Umapathy Nagar (Vinayagapuram) has changed

The guideline value for Umapathy Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, the most recent revision in 2024 has increased the guideline value to Rs 2,200 per sq.ft, marking a significant rise of 64% from the 2017 figure. Overall, from 2012 to 2024, there has been a modest increase of 10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street. The changes between the revisions highlight the fluctuations in property valuation over the years.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, making the 2024 figure for Umapathy Nagar above the median.

• Umapathy Nagar (Ward-29): Rs 2,200 per sq.ft (2024)
• Umapathi Nagar Extension: Rs 1,300 per sq.ft (2024)
• Umapathi Nagar: Rs 1,300 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 Umapathy Nagar (Vinayagapuram)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. 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 Umapathy Nagar (Vinayagapuram)?

The Umapathy Nagar (Vinayagapuram) area is covered by 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 property transactions in Madhavaram. It is used to determine the official value of the property for registration purposes, ensuring that the property is valued fairly according to the prevailing market standards set by the government.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures transparency and adherence to legal requirements during the buying and selling process.

Frequently asked questions

What is the current guideline value of Umapathy Nagar (Vinayagapuram)?

The current guideline value of Umapathy Nagar (Vinayagapuram) 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, and then increased to Rs 2,200 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 2024.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median for these streets is Rs 1,600 per sq.ft, with Umapathy Nagar's value being above this median.

What fees are associated with buying property in Umapathy Nagar?

When buying property in Umapathy Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Umapathy Nagar located?

The Madhavaram Sub Registrar Office, which covers Umapathy Nagar, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.