Guideline Value for MADHURAI STREET

Madhurai Street guideline value

The current guideline value of Madhurai Street, located in Karapakkam village under the Neelankarai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Madhurai Street has changed

The guideline value for Madhurai Street has seen several revisions over the years. In 2007, the guideline value was Rs 300 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 233% rise. However, from 2012 to 2017, the value decreased by 33% to Rs 670 per sq.ft. The subsequent revision in 2023 brought it back up to Rs 1,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for Madhurai Street for the years 2002 and 2003.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, indicating that Madhurai Street's 2024 guideline value is below this median.

• L.V.2nd STREET: Rs 1,000 per sq.ft (2024)
• L.V.1st STREET: Rs 1,000 per sq.ft (2024)
• L.N. Sharma School: Rs 1,000 per sq.ft (2024)
• Mahar Computer Systems: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madhurai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhurai Street?

The Sub Registrar Office that covers Madhurai Street 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 Karapakkam

The guideline value is a crucial factor in property transactions in Karapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is used to assess the applicable stamp duty, which is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Madhurai Street?

The current guideline value of Madhurai Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, with various revisions in between, including a decrease to Rs 670 per sq.ft in 2017.

What is the land classification for Madhurai Street?

Madhurai Street is classified under Residential Class III Type - I, indicating its designation for residential use.

Where can I find the registration office for Madhurai Street?

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

How is the stamp duty calculated for properties in Madhurai Street?

Stamp duty for properties in Madhurai Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.