Guideline Value for Umapathy Nagar (Ward-29)

Umapathy Nagar (Ward-29) guideline value

The current guideline value of Umapathy Nagar (Ward-29) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Umapathy Nagar (Ward-29) has changed

Over the years, the guideline value of Umapathy Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 2,200 per sq.ft. The register has no figure for this street in the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, it increased by 49% from 2017 to 2023. The overall change from 2012 to 2024 is an increase of 10%.

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. Umapathy Nagar's 2024 guideline value of Rs 2,200 per sq.ft is above this median.

• Umapathy Nagar (Vinayagapuram): 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 (Ward-29)

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 charges Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Umapathy Nagar (Ward-29)?

The Sub Registrar Office that covers Umapathy Nagar (Ward-29) 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 in the registration process of property transactions in Madhavaram. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in determining the appropriate fees that need to be paid. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Umapathy Nagar (Ward-29)?

The current guideline value of Umapathy Nagar (Ward-29) 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 for Umapathy Nagar?

The land classification for Umapathy Nagar is Residential Class I Type - I.

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

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

How is the stamp duty calculated for properties in Umapathy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000.