Guideline Value for MADHAKOVIL WEST LANE

Madhakovil West Lane guideline value

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

How the guideline value of Madhakovil West Lane has changed

Historically, the guideline value for Madhakovil West Lane has undergone several revisions. In 2012, the value was set at Rs 500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft. Subsequently, the value rose significantly to Rs 500 per sq.ft in the 2023 revision, maintaining the same rate in the 2024 revision, reflecting a 49% increase from 2017 to 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has shown no change, remaining at Rs 500 per sq.ft.

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 a median value of Rs 500 per sq.ft. Madhakovil West Lane's 2024 guideline value aligns with this median.

• Madhakovil Main Street: Rs 500 per sq.ft (2024)
• MADHAKOVIL EAST 2nd 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 West Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total 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, bringing the total fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhakovil West Lane?

The Madhakovil West Lane falls under the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Uthukottai. It serves as a benchmark for determining the value of the property for the purpose of calculating stamp duty and registration fees.

When buying or selling property, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the official rates set by the government. This helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Madhakovil West Lane?

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

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, with a peak of Rs 500 per sq.ft in 2012, dropping to Rs 335 per sq.ft in 2017, and then returning to Rs 500 per sq.ft in both 2023 and 2024.

What are the other streets with the same guideline value in Uthukottai?

Several other streets in Uthukottai also have a guideline value of Rs 500 per sq.ft for 2024, including Madhakovil Main Street, Madhakovil East 1st Lane, and Kumari Theater Street, among others.

Where can I find the Sub Registrar Office for Madhakovil West Lane?

The Oothukkottai Sub Registrar Office, which covers Madhakovil West Lane, is located near the government hospital in Uthukottai, 602026, Chennai registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 5,00,000, the stamp duty would be 7% of that amount.