Guideline Value for East Mada Street

East Mada Street guideline value

The current guideline value of East Mada Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of East Mada Street has changed

The guideline value for East Mada Street has seen several revisions over the years. In the 2007 revision, the value was Rs 2,800 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in the 2012 revision, followed by a decrease to Rs 4,355 per sq.ft in 2017. The value then rose sharply to Rs 6,500 per sq.ft in 2023, and most recently, it reached Rs 7,100 per sq.ft in the 2024 revision. The register has no figure for this street in 2002 and 2003.

Looking at the changes: from 2007 to 2012, there was a 132% increase; however, from 2012 to 2017, the value decreased by 33%. The subsequent jump from 2017 to 2023 was 49%, and the increase from 2023 to 2024 is 9%. Overall, from 2007 to 2024, the guideline value has increased by 154%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing East Mada Street's 2024 value below that median.

• Durai Samy Street: Rs 7,700 per sq.ft (2024)
• Dr.Thirumurthy Nagar Main Road: Rs 16,500 per sq.ft (2024)
• Dr.Thirumurthy Nagar 6th Street: Rs 9,300 per sq.ft (2024)
• Dr.Thirumurthy Nagar 5th Street: Rs 9,300 per sq.ft (2024)
• Dr.Thirumurthy Nagar 4th Street: Rs 9,300 per sq.ft (2024)
• Dr.Thirumurthy Nagar 3rd Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in East Mada Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 71,00,000. The stamp duty at 7% amounts to Rs 4,97,000, while the registration fee at 2% totals Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to 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 East Mada Street?

The Sub Registrar Office that covers East Mada Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your SRO, you can visit this link.

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

The guideline value is a crucial factor during the registration of property transactions in Nungambakkam. It determines the amount of stamp duty and registration fees that must be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value is assessed to ensure that the transaction is recorded accurately. This helps in maintaining transparency and compliance with local regulations regarding property transactions.

Frequently asked questions

What is the current guideline value of East Mada Street?

The current guideline value of East Mada Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 154% over the years.

What are the stamp duty and registration fees for property in East Mada Street?

For a property valued at Rs 71,00,000, the stamp duty is Rs 4,97,000 and the registration fee is Rs 1,42,000, totaling Rs 6,39,000.

Which office handles the registration for East Mada Street?

The Chennai Central Joint II Sub Registrar Office handles the registration for East Mada Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for East Mada Street?

East Mada Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.