Guideline Value for MADIPAKKAM ROAD

Madipakkam Road guideline value

The current guideline value of Madipakkam Road in Pallikaranai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - II.

How the guideline value of Madipakkam Road has changed

Over the years, the guideline value of Madipakkam Road has seen several revisions. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is an increase from Rs 3,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 2,010 per sq.ft, showing a significant increase of 49% by 2023. The 2012 revision also recorded a value of Rs 3,000 per sq.ft, which represented a decrease of 33% from the 2017 figure. The 2007 revision was Rs 1,471 per sq.ft, indicating an increase of 104% to reach the 2012 figure. Notably, the register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2024, the overall increase in the guideline value is 124%. This reflects the changes in property valuation over the years, with the current value significantly higher than the past revisions.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Madipakkam Road's 2024 figure above this median.

• Madhavar Street: Rs 1,320 per sq.ft (2024)
• Madaveethi Cross Street: Rs 2,200 per sq.ft (2024)
• Mada Veethi: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar /All Street /Main Roads /Cross Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madipakkam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Madipakkam Road?

The Sub Registrar Office covering Madipakkam Road is the Chennai South Joint I 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 Pallikaranai

The guideline value is a crucial factor in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Madipakkam Road?

The current guideline value of Madipakkam Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,471 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 124%.

What is the median guideline value in Pallikaranai?

The median guideline value for the 749 streets in Pallikaranai is Rs 1,650 per sq.ft, with Madipakkam Road's 2024 figure being above this median.

What are the stamp duty rates for property in Madipakkam Road?

The stamp duty rate for property transactions in Madipakkam Road is 7%, calculated on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office located for Madipakkam Road?

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