Guideline Value for MADHAVAN NAGAR 1ST STREET

Madhavan Nagar 1st Street guideline value

The current guideline value of Madhavan Nagar 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO, classified as Residential Class III Type - III.

How the guideline value of Madhavan Nagar 1st Street has changed

The guideline value for Madhavan Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 8,800 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 8,000 per sq.ft. Prior to 2023, the guideline value remained unchanged at Rs 8,000 per sq.ft since the 2012 revision.

There are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value of Madhavan Nagar 1st Street.

• Madhavan Nagar 2nd Street: Rs 8,800 per sq.ft (2024)
• Madhana Gopal Street: Rs 8,800 per sq.ft (2024)
• MADHAVA PERUMAL KOIL 1ST LANE (G.N.Chetty Street): Rs 8,800 per sq.ft (2024)
• Madhava Perumal Koil 2nd Lane: Rs 8,800 per sq.ft (2024)
• Madhava Perumal Koil Street: Rs 8,800 per sq.ft (2024)
• Madha Church Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees together to Rs 7,92,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Madhavan Nagar 1st Street?

The Sub Registrar Office that covers Madhavan Nagar 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property transactions in Mylapore, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Madhavan Nagar 1st Street?

The current guideline value of Madhavan Nagar 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,800 per sq.ft in 2024, marking a 10% increase. The value remained at Rs 8,000 per sq.ft from 2012 to 2023.

What is the land classification for Madhavan Nagar 1st Street?

Madhavan Nagar 1st Street is classified as Residential Class III Type - III.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees can amount to Rs 7,92,000.