Guideline Value for MADAM 1ST STREET

Madam 1st Street guideline value

The current guideline value of Madam 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Madam 1st Street has changed

Over the years, the guideline value of Madam 1st Street has seen significant changes. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a substantial rise of 264%. However, the value then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 4,000 per sq.ft in the 2023 revision, and currently stands at Rs 4,400 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

The register has no figures for the years 2002 and 2003. 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 that carry 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, which means that Madam 1st Street's current value is below the median.

• Madam 1st Lane: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, making the total cost for these fees 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 use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Madam 1st Street?

The Sub Registrar Office that covers Madam 1st Street 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 an essential factor in the registration process for property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, 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 from property transactions.

Frequently asked questions

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

The current guideline value of Madam 1st 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 significantly from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 300% over the years.

What are the stamp duty and registration fees for property in Madam 1st 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 Sub Registrar Office covers Madam 1st Street?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covers Madam 1st Street.

What is the land classification for Madam 1st Street?

The land classification for Madam 1st Street is Residential Class IV Type - I.