Guideline Value for M.C.G. Avenue (Ward-05)

M.C.G. Avenue (Ward-05) guideline value

The current guideline value of M.C.G. Avenue (Ward-05) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of M.C.G. Avenue (Ward-05) has changed

The guideline value for M.C.G. Avenue has undergone several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This increased to Rs 1,005 per sq.ft in 2017, marking a decrease of 16%. However, from 2017 to 2023, the value rose significantly to Rs 1,500 per sq.ft, reflecting a 49% increase. The latest revision in 2024 has brought the guideline value to Rs 1,600 per sq.ft, which is a 7% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of M.C.G. Avenue.

• M.C.G. Avenue: Rs 1,600 per sq.ft (2024)
• M.C.Devaraj Nagar 2nd st ( Ward No.11 ): Rs 1,300 per sq.ft (2024)
• M.C.Devaraj Nagar 1st st ( Ward No.11 ): Rs 1,300 per sq.ft (2024)
• M.B.T.T. Complex: Rs 3,300 per sq.ft (2024)
• M.B. Samy Nagar: Rs 1,300 per sq.ft (2024)
• Mayflower Phase-1: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.C.G. Avenue (Ward-05)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is essential to note that the 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 detailed calculations.

Which Sub Registrar Office covers M.C.G. Avenue (Ward-05)?

The Sub Registrar Office that covers M.C.G. Avenue (Ward-05) 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 Madhavaram

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the necessary fees, ensuring that the transaction is compliant with local regulations.

Frequently asked questions

What is the current guideline value of M.C.G. Avenue?

The current guideline value of M.C.G. Avenue (Ward-05) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with various revisions in between, including an increase of 49% from 2017 to 2023.

What is the registration fee for property in M.C.G. Avenue?

The registration fee for property in M.C.G. Avenue is calculated based on the guideline value. For a plot valued at Rs 16,00,000, the registration fee would be Rs 32,000 at 2%.

Which office handles registrations for M.C.G. Avenue?

The Madhavaram Sub Registrar Office handles registrations for M.C.G. Avenue (Ward-05), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. This ensures that the appropriate fees are collected during property transactions.