Guideline Value for MADHU SUDANAM GARDEN (NEAR OMR)

Madhu Sudanam Garden (Near Omr) guideline value

The current guideline value of Madhu Sudanam Garden (Near Omr) is Rs 1,700 per sq.ft, effective from 1 July 2024. This property is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class IV Type - I.

How the guideline value of Madhu Sudanam Garden (Near Omr) has changed

The guideline value for Madhu Sudanam Garden has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value saw a significant increase to Rs 1,500 per sq.ft, followed by another rise to Rs 1,700 per sq.ft in the 2024 revision, marking an overall increase of 13% from 2012 to 2024.

Notably, there are no figures available for the years 2002, 2003, and 2007 for this street. The change from 2023 to 2024 reflects a 13% increase, while the period from 2017 to 2023 shows a substantial increase of 49%. The decrease from 2012 to 2017 was 33%.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value is Rs 1,700 per sq.ft, which is equal to the 2024 figure for Madhu Sudanam Garden.

• Madhusudanam Garden: Rs 1,100 per sq.ft (2024)
• Lingesan Garden: Rs 1,700 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 3,300 per sq.ft (2024)
• Manavalan Garden: Rs 1,100 per sq.ft (2024)
• Manick Enclave: Rs 1,700 per sq.ft (2024)
• Kuthus Garden II: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madhu Sudanam Garden (Near Omr)

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. 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 details.

Which Sub Registrar Office covers Madhu Sudanam Garden (Near Omr)?

The Sub Registrar Office that covers Madhu Sudanam Garden is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Madhu Sudanam Garden?

The current guideline value of Madhu Sudanam Garden (Near Omr) is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, reflecting a 13% increase.

What is the land classification of Madhu Sudanam Garden?

Madhu Sudanam Garden is classified as Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Chemmancheri?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 17,00,000, the stamp duty at 7% would be Rs 1,19,000.