Guideline Value for MADHA NAGAR

Madha Nagar guideline value

The current guideline value of Madha Nagar, located in Kosappur village under the Thiruvottiyur SRO, is Rs 1,002 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Madha Nagar has changed

The guideline value for Madha Nagar has seen significant changes over the years. In 2007, the value was set at Rs 100 per sq.ft. This increased to Rs 300 per sq.ft in 2012, marking a 200% rise. However, from 2012 to 2017, the value decreased by 33%, bringing it down to Rs 201 per sq.ft. The subsequent revision in 2023 raised the value to Rs 1,002 per sq.ft, reflecting a substantial increase of 399% from the 2017 figure. The current 2024 revision maintains this value at Rs 1,002 per sq.ft, showing no change from the previous year.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 902%.

Guideline values in Kosappur

Kosappur village has 25 streets under the Thiruvottiyur SRO, with guideline values ranging from Rs 1,000 to Rs 1,600 per sq.ft. The median guideline value for these streets is Rs 1,002 per sq.ft, which is the same as the current value for Madha Nagar.

• Krishna Nagar/ Ext: Rs 1,002 per sq.ft (2024)
• Padmavathy Nagar: Rs 1,002 per sq.ft (2024)
• Jain Nagar: Rs 1,002 per sq.ft (2024)
• Perumal Koil Street: Rs 1,002 per sq.ft (2024)
• Gnanaguru Nagar: Rs 1,002 per sq.ft (2024)
• Rajesh Nagar: Rs 1,002 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,002 per sq.ft, the total guideline value is Rs 10,02,000. The stamp duty at 7% would amount to Rs 70,140, and the registration fee at 2% would be Rs 20,040, bringing the total cost for these fees to Rs 90,180. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madha Nagar?

The Sub Registrar Office that covers Madha Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Kosappur. It serves as a benchmark for determining the minimum value at which a property can be registered. Both buyers and sellers need to be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property transaction occurs, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's value, which is essential for maintaining public services and infrastructure.

Frequently asked questions

What is the current guideline value of Madha Nagar?

The current guideline value of Madha Nagar is Rs 1,002 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 100 per sq.ft in 2007 to Rs 1,002 per sq.ft in 2024, marking an overall increase of 902% over the years.

What is the land classification for Madha Nagar?

The land classification for Madha Nagar is Residential Special Type - II, indicating its suitability for residential development.

How are stamp duty and registration fees calculated in Madha Nagar?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is charged at 2%. These fees are based on the higher of the guideline value or the sale price.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.