Guideline Value for MADHAVAN STREET

Madhavan Street guideline value

The current guideline value of Madhavan Street in Ramapuram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Madhavan Street has changed

The guideline value for Madhavan Street has seen significant changes over the years. In 2002, the value was Rs 253 per sq.ft, which increased to Rs 314 per sq.ft in 2003. Following this, there was a substantial rise to Rs 900 per sq.ft in 2007, and it further increased to Rs 2,500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft. The value then rose sharply to Rs 2,500 per sq.ft in 2023, culminating in the current value of Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

There are no figures available for the revisions in the years not listed. The overall increase from 2002 to 2024 is a remarkable 987%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, positioning Madhavan Street's 2024 figure below this median.

• M.A. Chidambaram Nagar: Rs 4,400 per sq.ft (2024)
• Mahalakhmi Nagar (Near Highview Nagar): Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 1st Cross Street: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 1st Main Road: Rs 3,100 per sq.ft (2024)
• Mahalakshmi Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Madhavan Street?

The Sub Registrar Office covering Madhavan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Madhavan Street?

The current guideline value of Madhavan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 253 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 987%.

What is the median guideline value in Ramapuram?

The median guideline value for streets in Ramapuram is Rs 3,100 per sq.ft, which is higher than the current value of Madhavan Street.

What are the stamp duty and registration fees for property in Madhavan Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,47,500, based on the current guideline value.

Where is the Sub Registrar Office for Madhavan Street located?

The Sub Registrar Office for Madhavan Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.