Guideline Value for Indira Street

Indira Street guideline value

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

How the guideline value of Indira Street has changed

Indira Street has seen several revisions in its guideline value over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. It is noteworthy that the register has no figures for Indira Street for the years 2002, 2003, and 2007.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which means that Indira Street's 2024 figure of Rs 2,200 per sq.ft is below the median.

• Housing Board Colony: Rs 2,700 per sq.ft (2024)
• Jampuli Bharathiar Salai: Rs 2,700 per sq.ft (2024)
• Jampuli Bharathi Street: Rs 2,700 per sq.ft (2024)
• Jampuli Street: Rs 2,700 per sq.ft (2024)
• Harbour Colony 1st Street: Rs 2,700 per sq.ft (2024)
• Jawahar 1st Lane: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Street

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, totaling 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 use the stamp duty and registration fee calculator for more details on fees applicable to property transactions.

Which Sub Registrar Office covers Indira Street?

The Sub Registrar Office that covers Indira Street 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 Kodungaiyur

The guideline value is a crucial factor during the registration of property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property, which can aid in negotiations and finalizing the sale price. It is essential to be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Indira Street?

The current guideline value of Indira Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Indira Street has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back 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 Indira Street?

Indira Street is classified as Residential Class II Type - I according to the land classification guidelines.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated for properties in Indira Street?

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