Guideline Value for MADAM 3RD LANE

Madam 3rd Lane guideline value

The current guideline value of Madam 3rd 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 3rd Lane has changed

The guideline value for Madam 3rd Lane has seen several revisions over the years. The earliest recorded figure is from the 2007 revision, which was Rs 1,100 per sq.ft. This value increased significantly to Rs 4,000 per sq.ft in 2012, reflecting a substantial rise of 264%. However, it then decreased to Rs 2,680 per sq.ft in 2017, marking a decline of 33%. Following this, the value surged to Rs 4,000 per sq.ft in 2023, and further increased to the current rate of Rs 4,400 per sq.ft in the 2024 revision, a rise of 10%.

There are no recorded figures for Madam 3rd Lane in the 2002 and 2003 revisions. 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 of Madam 3rd Lane is below this median.

• Madam 2nd Street: Rs 4,400 per sq.ft (2024)
• Madam 2nd 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 3rd Lane

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, making the total cost for these fees Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madam 3rd Lane?

The Sub Registrar Office that covers Madam 3rd 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 recorded accurately in the official records.

When a property is sold, the buyer and seller must consider the guideline value to calculate applicable fees such as stamp duty and registration charges. This ensures compliance with local regulations and helps avoid any legal complications during the transaction.

Frequently asked questions

What is the current guideline value of Madam 3rd Lane?

The current guideline value of Madam 3rd 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, reflecting an overall increase of 300% over the years.

What are the stamp duty and registration fees for properties in Madam 3rd Lane?

For a 1,000 sq.ft plot, the total guideline value is Rs 44,00,000, with a stamp duty of Rs 3,08,000 and a registration fee of Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Madam 3rd Lane?

The Purasaivakkam Sub Registrar Office covers Madam 3rd Lane, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification of Madam 3rd Lane?

Madam 3rd Lane is classified as Residential Class IV Type - I.