Guideline Value for COLLECTOR NAGAR/STREETS (MADHANAKUPPAM)

Collector Nagar/Streets (Madhanakuppam) guideline value

The current guideline value for Collector Nagar/Streets (Madhanakuppam) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Collector Nagar/Streets (Madhanakuppam) has changed

The guideline value for Collector Nagar/Streets has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision. However, from 2017 to 2024, the value increased significantly by 62%, bringing it to the current rate of Rs 1,300 per sq.ft.

Overall, from 2012 to 2024, there has been a slight increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that the guideline value for Collector Nagar/Streets is below this median.

• Chockalingam Street: Rs 1,600 per sq.ft (2024)
• Chetty Street: Rs 2,700 per sq.ft (2024)
• Chennai -Thiruvallur High Road (M.T.H Road) (T.V.S. Group Of Companies): Rs 8,200 per sq.ft (2024)
• Chennai - Thiruvallur High Road (M.T.H Road): Rs 8,200 per sq.ft (2024)
• Devi Ngar: Rs 2,100 per sq.ft (2024)
• Chavadi Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Collector Nagar/Streets (Madhanakuppam)

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, bringing the total to Rs 1,17,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Collector Nagar/Streets (Madhanakuppam)?

The Sub Registrar Office that covers Collector Nagar/Streets (Madhanakuppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Korattur. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the sale price alone.

When a property is registered, the guideline value is checked to determine the applicable fees. If the sale price exceeds the guideline value, the fees will be charged based on the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Collector Nagar/Streets (Madhanakuppam)?

The current guideline value for Collector Nagar/Streets (Madhanakuppam) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. There have been no figures for the years 2002, 2003, 2007, and 2023.

What is the land classification for Collector Nagar/Streets (Madhanakuppam)?

Collector Nagar/Streets (Madhanakuppam) is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

What are the registration fees for property in Collector Nagar/Streets (Madhanakuppam)?

Registration fees are calculated based on the guideline value. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for Collector Nagar/Streets (Madhanakuppam) located?

The Sub Registrar Office for Collector Nagar/Streets (Madhanakuppam) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.