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Guideline Value

Corporate

Guideline Value for Inner Ring Road (newly formed)

₹5500/sq.ft.

The guideline value for Inner Ring Road (newly Formed) in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 5500 per sq.ft, effective 1 July 2024. It was Rs 5000 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Commercial Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹5500 /sq.ft.
From 1-4-2023 ₹5000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹3350 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Inner Ring Road (newly Formed)

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Inner Ring Road (newly formed) guideline value

The current guideline value for Inner Ring Road (newly formed) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Commercial Class I Type - I.

How the guideline value of Inner Ring Road (newly formed) has changed

The guideline value for Inner Ring Road (newly formed) has undergone several revisions over the years. The 2017 revision set the value at Rs 3,350 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 5,500 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was significant at 49%, reflecting a notable change in the guideline value over this period.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft as of 2024. The median guideline value in this village is Rs 2,750 per sq.ft, placing Inner Ring Road (newly formed) above the median.

Stamp duty and registration fee for property in Inner Ring Road (newly formed)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Inner Ring Road (newly formed)?

The Sub Registrar Office that covers Inner Ring Road (newly formed) is the Velacheri Sub Registrar Office. The address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are levied. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value for Inner Ring Road (newly formed)?

The current guideline value for Inner Ring Road (newly formed) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft as of 2024, with Inner Ring Road (newly formed) being above this median.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft property at Rs 5,500 per sq.ft would incur a stamp duty of Rs 3,85,000.

Where can I find the Sub Registrar Office for Inner Ring Road (newly formed)?

The Sub Registrar Office for Inner Ring Road (newly formed) is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.