Guideline Value for Central Land Margeni Bank Ltd

Central Land Margeni Bank Ltd guideline value

The current guideline value for Central Land Margeni Bank Ltd is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Madipakkam-1 village, under the Velacheri SRO. The land classification is Residential Class II Type - I.

How the guideline value of Central Land Margeni Bank Ltd has changed

In the 2023 revision, the guideline value was set at Rs 2,000 per sq.ft. This represented a 10% increase from the previous revision. The current 2024 revision has raised the guideline value to Rs 2,200 per sq.ft, marking another increase.

For the years prior to 2023, the register has no figure for this street for the revisions in 2017, 2012, 2007, 2003, and 2002. Therefore, the only available figures are from 2023 and 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Central Land Margeni Bank Ltd is below this median.

• Bus Terminus Road: Rs 3,300 per sq.ft (2024)
• Brindavan Street, Sai Ram Avenue: Rs 3,850 per sq.ft (2024)
• Brindavan Street, Balaiah Nagar: Rs 3,850 per sq.ft (2024)
• Brindavan Street, Balaiah Garden, Srinivasa Nagar: Rs 3,850 per sq.ft (2024)
• Chenkazhani Amman Koil Street: Rs 2,750 per sq.ft (2024)
• Brindavan Street, Balaiah Garden: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Central Land Margeni Bank Ltd

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 to Rs 1,98,000. 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 Central Land Margeni Bank Ltd?

The Sub Registrar Office covering Central Land Margeni Bank Ltd is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring both parties are aware of the financial obligations involved.

When a property is sold, the guideline value is used to assess the transaction's legitimacy and ensure that the appropriate taxes are paid. This helps maintain transparency in property transactions and protects the interests of both buyers and sellers.

Frequently asked questions

What is the current guideline value for Central Land Margeni Bank Ltd?

The current guideline value for Central Land Margeni Bank Ltd is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% rise.

What is the land classification for Central Land Margeni Bank Ltd?

The land classification for Central Land Margeni Bank Ltd is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office for Central Land Margeni Bank Ltd is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Madipakkam-1?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.