Guideline Value for MADAM STREET

Madam Street guideline value

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

How the guideline value of Madam Street has changed

The guideline value of Madam Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,100 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in the 2012 revision, marking a 264% increase. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The value then rose to Rs 4,000 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 shows a further increase to Rs 4,400 per sq.ft, which is a 10% rise from the previous year.

It is important to note that the register has no figures for Madam Street 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 value is Rs 5,500 per sq.ft, placing Madam Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Madam 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, bringing the total cost to 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madam Street?

The Sub Registrar Office that covers Madam 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 of property transactions 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 at a fair price.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Madam Street?

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

What are the stamp duty and registration fees for property in Madam Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total cost would be Rs 3,96,000, including both fees.

Which Sub Registrar Office covers Madam Street?

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

What is the median guideline value in Purasaivakkam?

The median guideline value in Purasaivakkam is Rs 5,500 per sq.ft, with Madam Street's 2024 figure being below this median.