Guideline Value for MADAM 1ST LANE

Madam 1st Lane guideline value

The current guideline value of Madam 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Madam 1st Lane has changed

The guideline value for Madam 1st Lane has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. This was followed by a decrease to Rs 2,680 per sq.ft in 2017. The value then rose sharply to Rs 4,000 per sq.ft in 2023, before reaching the current rate of Rs 4,400 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The increase from 2023 to 2024 is 10%. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, making Madam 1st Lane's current value below that median.

• Madam 1st Street: Rs 4,400 per sq.ft (2024)
• Madam 2nd Lane: Rs 4,400 per sq.ft (2024)
• Madam 2nd Street: Rs 4,400 per sq.ft (2024)
• Madam 3rd Lane: Rs 4,400 per sq.ft (2024)
• Madam Street: Rs 4,400 per sq.ft (2024)
• Madurai Chetty Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madam 1st Lane

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 is charged at 7%, which totals Rs 3,08,000, and the registration fee at 2% amounts to Rs 88,000. Therefore, the total cost for stamp duty and registration fee together is 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.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Madam 1st Lane?

The Sub Registrar Office that covers Madam 1st Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, it is essential to understand that the guideline value is used to calculate the applicable fees, ensuring that both parties comply with the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Madam 1st Lane?

The current guideline value of Madam 1st Lane 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 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with various increases and one decrease in between.

What is the land classification of Madam 1st Lane?

Madam 1st Lane is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Madam 1st Lane?

The Sub Registrar Office covering Madam 1st Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Madam 1st Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000.