Guideline Value for MADHA KOIL 1ST STREET

Madha Koil 1st Street guideline value

The current guideline value of Madha Koil 1st Street is Rs 4,400 per sq.ft. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Madha Koil 1st Street has changed

The guideline value for Madha Koil 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 4,000 per sq.ft. This value remained the same until 2017, when it dropped to Rs 2,680 per sq.ft, marking a decrease of 33%. In 2023, the value increased significantly to Rs 4,000 per sq.ft, and further rose to Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the values from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the 2024 guideline value for Madha Koil 1st Street above this median.

• Mada Koil Street: Rs 4,400 per sq.ft (2024)
• Loyal Enclave: Rs 2,800 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 4,400 per sq.ft (2024)
• Maiyur Puram: Rs 2,800 per sq.ft (2024)
• Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Koil 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, 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 or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madha Koil 1st Street?

The Sub Registrar Office that covers Madha Koil 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, 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 transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Madha Koil 1st Street?

The current guideline value of Madha Koil 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Madha Koil 1st Street?

Madha Koil 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

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