Guideline Value for M.M. Palayam (Ward-30)

M.M. Palayam (Ward-30) guideline value

The current guideline value of M.M. Palayam (Ward-30) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of M.M. Palayam (Ward-30) has changed

The guideline value for M.M. Palayam has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has further increased it to Rs 1,600 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 7%.

Guideline values in Madhavaram

Madhavaram village has a total of 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 is Rs 1,600 per sq.ft, which is equal to the current guideline value for M.M. Palayam (Ward-30).

• MM Koil St (Ward-19): Rs 1,300 per sq.ft (2024)
• M.M.D.A. Truck Terminal ( Ward No.11 ): Rs 3,000 per sq.ft (2024)
• Mohan Garden: Rs 1,600 per sq.ft (2024)
• Mohan Garden Rd ( Ward No.15 ): Rs 1,600 per sq.ft (2024)
• Mohan Garden (Ward-15): Rs 1,600 per sq.ft (2024)
• Mohan Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in M.M. Palayam (Ward-30)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the 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, totaling Rs 1,44,000. 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.M. Palayam (Ward-30)?

The Sub Registrar Office that covers M.M. Palayam (Ward-30) 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 of property transactions in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum value at which a property can be registered. This ensures transparency and fairness in property transactions within the Madhavaram region.

Frequently asked questions

What is the current guideline value of M.M. Palayam (Ward-30)?

The current guideline value of M.M. Palayam (Ward-30) 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 back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What land classification does M.M. Palayam (Ward-30) fall under?

M.M. Palayam (Ward-30) is classified as Residential Class II Type - I.

What are the stamp duty rates for property transactions in M.M. Palayam (Ward-30)?

The stamp duty rate for property transactions in M.M. Palayam is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for M.M. Palayam (Ward-30)?

The Sub Registrar Office for M.M. Palayam (Ward-30) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.