Guideline Value for M.B.T.T. Complex

M.B.T.T. Complex guideline value

The current guideline value of M.B.T.T. Complex in Madhavaram village, under the Madhavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Class I Type - I.

How the guideline value of M.B.T.T. Complex has changed

The guideline value for M.B.T.T. Complex has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,800 per sq.ft. This increased to Rs 3,000 per sq.ft in 2023, marking a 7% rise. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year. Notably, there are no recorded figures for the revisions in 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 18%. This steady rise in value indicates the changing landscape of the area, with the latest figure surpassing the previous records.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for M.B.T.T. Complex is above this median, indicating its significant value within the locality.

• M.B. Samy Nagar: Rs 1,300 per sq.ft (2024)
• M.C.Devaraj Nagar 1st st ( Ward No.11 ): Rs 1,300 per sq.ft (2024)
• M.C.Devaraj Nagar 2nd st ( Ward No.11 ): Rs 1,300 per sq.ft (2024)
• M.C.G. Avenue: Rs 1,600 per sq.ft (2024)
• M.C.G. Avenue (Ward-05): Rs 1,600 per sq.ft (2024)
• Mayflower Phase-1: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.B.T.T. Complex

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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.

Which Sub Registrar Office covers M.B.T.T. Complex?

The M.B.T.T. Complex is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of M.B.T.T. Complex?

The current guideline value of M.B.T.T. Complex is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,800 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 18% over this period.

What are the stamp duty and registration fees for properties in M.B.T.T. Complex?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office handles property registrations in Madhavaram, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the minimum registration value of a property and calculating the applicable stamp duty and registration fees during transactions.