Guideline Value for M.C.R. Street (Ward-10)

M.C.R. Street (Ward-10) guideline value

The current guideline value of M.C.R. Street (Ward-10) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of M.C.R. Street (Ward-10) has changed

The guideline value for M.C.R. Street (Ward-10) has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This value remained until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, and in the latest revision for 2024, it has risen to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 7%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village features 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current value of M.C.R. Street (Ward-10).

• M.C.R.Nagar ( Ward No.10 ): Rs 1,600 per sq.ft (2024)
• M.C. Sundharavarathan Nagar: Rs 1,600 per sq.ft (2024)
• M.D.Swamy Nagar Rd ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• M.D. Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D. Veera Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Medimix Road ( Ward No.18 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.C.R. Street (Ward-10)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be 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 important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.C.R. Street (Ward-10)?

The Sub Registrar Office that covers M.C.R. Street (Ward-10) 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 crucial 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 that must be paid to the government.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of M.C.R. Street (Ward-10)?

The current guideline value of M.C.R. Street (Ward-10) 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What are the other streets in Madhavaram with the same guideline value?

Other streets in Madhavaram with a guideline value of Rs 1,600 per sq.ft include M.C.R.Nagar and M.C. Sundharavarathan Nagar.

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 property in M.C.R. Street (Ward-10)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value results in a total fee of Rs 1,44,000, including stamp duty and registration fees.