Guideline Value for MADAM 2ND STREET

Madam 2nd Street guideline value

The current guideline value of Madam 2nd Street 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 2nd Street has changed

The guideline value for Madam 2nd Street has seen several revisions over the years. The earliest available figure is from 2007, when it was Rs 1,100 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a 264% rise. However, it then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase from the previous year and a 49% increase from 2017.

The revisions for 2002 and 2003 do not have figures available for Madam 2nd 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 that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Madam 2nd Street is below this median.

• Madam 2nd Lane: Rs 4,400 per sq.ft (2024)
• Madam 3rd Lane: Rs 4,400 per sq.ft (2024)
• Madam 1st Street: Rs 4,400 per sq.ft (2024)
• Madam 1st 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 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 be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madam 2nd Street?

The Sub Registrar Office that covers Madam 2nd Street 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 is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When you register a property, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Madam 2nd 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 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 300% over the years.

What is the stamp duty rate for property in Madam 2nd Street?

The stamp duty rate for property in Madam 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Madam 2nd Street?

The Sub Registrar Office for Madam 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What are the other streets in Purasaivakkam with the same guideline value?

Other streets in Purasaivakkam with the same guideline value of Rs 4,400 per sq.ft include Madam 2nd Lane, Madam 3rd Lane, Madam 1st Street, Madam 1st Lane, and Madam Street.