Guideline Value for MADHINA NAGAR 1ST STREET

Madhina Nagar 1st Street guideline value

The current guideline value of Madhina Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

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

The guideline value for Madhina Nagar 1st Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,675 per sq.ft, marking a decrease of 33%. However, the value saw a significant increase in the following revisions, rising to Rs 2,500 per sq.ft in 2023, and then to Rs 2,700 per sq.ft in the 2024 revision, reflecting an 8% increase from the previous year and a 49% increase from 2017.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a guideline value for 2024, ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, placing Madhina Nagar 1st Street's 2024 figure above this median.

• Madambakkam Main Road: Rs 4,250 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 2,700 per sq.ft (2024)
• Mahalakshmi Nagar P.T.C. Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Maniammai 1st Street: Rs 1,300 per sq.ft (2024)
• Maniammai Street: Rs 1,300 per sq.ft (2024)
• Manickavasakar Street: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Madhina Nagar 1st Street?

The Sub Registrar Office that covers Madhina Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

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

The current guideline value of Madhina Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

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

The land classification for Madhina Nagar 1st Street is Residential Special Type - I.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000.