Guideline Value for M.R.H. Road

M.R.H. Road guideline value

The current guideline value of M.R.H. Road in Madhavaram village, under the Madhavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - I.

How the guideline value of M.R.H. Road has changed

The guideline value for M.R.H. Road has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. However, from 2017 to 2024, the value increased significantly to Rs 3,300 per sq.ft, reflecting a change of +64%. Overall, from 2012 to 2024, the guideline value has increased by +10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street. The only registered figures are from 2012, 2017, and the current 2024 revision.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 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, placing M.R.H. Road's current guideline value above that median.

• MRH Road (Ward-10): Rs 3,000 per sq.ft (2024)
• M.R.H. Road (Ward-11): Rs 3,300 per sq.ft (2024)
• MRH Road (Ward-14): Rs 3,000 per sq.ft (2024)
• MRH Road (Ward-18): Rs 3,300 per sq.ft (2024)
• M.P. Vedha Street: Rs 1,300 per sq.ft (2024)
• M.P. Vedhachalam Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.H. Road

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, leading to a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R.H. Road?

The M.R.H. Road falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For further assistance, you can find your SRO.

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

The guideline value is a critical component in the property registration process in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that are payable when buying or selling property in the area.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of M.R.H. Road?

The current guideline value of M.R.H. Road 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 changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. This represents a +64% increase from 2017 to 2024.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with rates ranging from Rs 1,300 to Rs 7,500 per sq.ft. M.R.H. Road's value is above the median of Rs 1,600 per sq.ft for the village.

What are the stamp duty and registration fees for property in M.R.H. Road?

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. These fees are based on the higher of the guideline value or the sale price.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in the M.R.H. Road area.