Guideline Value for MADHAKOVIL MAIN STREET

Madhakovil Main Street guideline value

The current guideline value of Madhakovil Main Street is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Uthukottai village under the Oothukkottai SRO and is classified as Residential Class I Type - I.

How the guideline value of Madhakovil Main Street has changed

The guideline value for Madhakovil Main Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 500 per sq.ft, which was a decrease of 33% from the 2017 revision figure of Rs 335 per sq.ft. The 2023 revision maintained the value at Rs 500 per sq.ft, and the 2024 revision also holds the same value, showing no change from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has remained constant at Rs 500 per sq.ft. For the period between 2017 and 2023, there was a significant increase of 49%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Uthukottai

In Uthukottai, there are 120 streets under the Oothukkottai SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 1,000 per sq.ft, with the median being Rs 500 per sq.ft. Madhakovil Main Street's 2024 figure aligns with this median.

• MADHAKOVIL EAST 2nd LANE: Rs 500 per sq.ft (2024)
• Madhakovil West Lane: Rs 500 per sq.ft (2024)
• MADHAKOVIL EAST 1st LANE: Rs 500 per sq.ft (2024)
• K.V.D.Nagar: Rs 500 per sq.ft (2024)
• Kumari Theater Street: Rs 500 per sq.ft (2024)
• Matha Mandapam Street: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Madhakovil Main Street

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhakovil Main Street?

The Madhakovil Main Street is covered by the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, Chennai 602026. You can find your SRO for more details.

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

The guideline value is essential during the registration process for property transactions in Uthukottai. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory for legal property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are paid. This process helps maintain transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Madhakovil Main Street?

The current guideline value of Madhakovil Main Street is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen revisions in 2012, 2017, 2023, and 2024, with the most recent value remaining at Rs 500 per sq.ft. Notably, there was a 49% increase from 2017 to 2023.

What is the stamp duty for property in Madhakovil Main Street?

The stamp duty for property in Madhakovil Main Street is 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the duty would be Rs 35,000 based on the current guideline value.

Which Sub Registrar Office covers Madhakovil Main Street?

The Oothukkottai Sub Registrar Office covers Madhakovil Main Street, located near the government hospital in Uthukottai, Chennai 602026.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately and that the appropriate taxes are paid.