Guideline Value for FAMILY PARK

Family Park guideline value

The current guideline value of Family Park, located in Seevaadi village under the Madurandakam SRO, is Rs 151 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Family Park has changed

The guideline value for Family Park has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 150 per sq.ft, which was a slight increase from the previous revision.

With the 2024 revision, the guideline value increased by 1% to Rs 151 per sq.ft. This figure is now aligned with the median guideline value for the nine streets in Seevaadi under the Madurandakam SRO, which ranges from Rs 100 to Rs 200 per sq.ft.

Guideline values in Seevaadi

In Seevaadi, the guideline values for various streets reflect a range of rates. Family Park's current guideline value of Rs 151 per sq.ft is equal to the median value for the area. The following are the guideline values for other streets in Seevaadi:

• Mkm City: Rs 151 per sq.ft (2024)
• Pragathi Garden: Rs 150 per sq.ft (2024)
• Royal City: Rs 200 per sq.ft (2024)
• Sai Nagar: Rs 100 per sq.ft (2024)
• Sundaram Garden: Rs 200 per sq.ft (2024)
• Varsha Garden: Rs 121 per sq.ft (2024)

Stamp duty and registration fee for property in Family Park

For a 1,000 sq.ft plot at the current guideline value of Rs 151 per sq.ft, the total guideline value would be Rs 1,51,000. The stamp duty, charged at 7%, would amount to Rs 10,570, while the registration fee at 2% would be Rs 3,020. Therefore, the total cost for stamp duty and registration would be Rs 13,590. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Family Park?

The Sub Registrar Office that covers Family Park is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Seevaadi. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the Registration Department.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable stamp duty and registration fees. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Family Park?

The current guideline value of Family Park is Rs 151 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2023 to Rs 151 per sq.ft in 2024, reflecting a 1% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Family Park?

Family Park is classified as Residential Special Type - I, indicating its intended use for residential purposes.

What are the stamp duty and registration fees for a property in Family Park?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 10,570 and the registration fee would be Rs 3,020, amounting to a total of Rs 13,590.

Where is the Sub Registrar Office for Family Park located?

The Madurandakam Sub Registrar Office, which covers Family Park, is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.