Guideline Value for MADA KOIL STREET

Mada Koil Street guideline value

The current guideline value of Mada Koil Street in Okkiyamthuraipakkam village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class I Type - I.

How the guideline value of Mada Koil Street has changed

The guideline value for Mada Koil Street has experienced several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 300% rise. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, reflecting a 10% change.

From 2017 to 2023, the value surged by 49%, and overall, from 2007 to 2024, there has been a substantial increase of 340%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that Mada Koil Street's 2024 figure is above this median.

• Madha Koil 1st Street: Rs 4,400 per sq.ft (2024)
• Loyal Enclave: Rs 2,800 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 4,400 per sq.ft (2024)
• Maiyur Puram: Rs 2,800 per sq.ft (2024)
• Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mada Koil Street?

The Sub Registrar Office that covers Mada Koil Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Mada Koil Street?

The current guideline value of Mada Koil Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 340% over the years.

What is the land classification of Mada Koil Street?

Mada Koil Street is classified as Residential Class I Type - I under the Neelankarai SRO.

What are the stamp duty and registration fees for a property in Mada Koil Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Mada Koil Street?

The Neelankarai Sub Registrar Office handles registrations for Mada Koil Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.