Guideline Value for MADAM 2ND LANE

Madam 2nd Lane guideline value

The current guideline value of Madam 2nd 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 it falls under the Residential Class IV Type - I land classification.

How the guideline value of Madam 2nd Lane has changed

The guideline value for Madam 2nd Lane has seen significant changes over the years. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2012 revision, reflecting a remarkable rise of 264%. However, the value then decreased by 33% to Rs 2,680 per sq.ft in the 2017 revision. Following this, in the 2023 revision, the value increased to Rs 4,000 per sq.ft, and in the latest 2024 revision, it has further risen to Rs 4,400 per sq.ft, marking a 10% increase.

Notably, there are no figures available for the years 2002 and 2003 for this street. 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 guideline values 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, positioning Madam 2nd Lane's 2024 value below this median.

• Madam 1st Street: Rs 4,400 per sq.ft (2024)
• Madam 2nd Street: Rs 4,400 per sq.ft (2024)
• Madam 1st Lane: 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 2nd 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 at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Madam 2nd Lane?

The Sub Registrar Office that covers Madam 2nd Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value of Madam 2nd Lane?

The current guideline value of Madam 2nd 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 increased 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 is the land classification for Madam 2nd Lane?

Madam 2nd Lane is classified as Residential Class IV Type - I.

Where is the Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Madam 2nd Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.