Guideline Value for MADLEY 2ND STREET

Madley 2nd Street guideline value

The current guideline value of Madley 2nd Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class I Type - II.

How the guideline value of Madley 2nd Street has changed

The guideline value for Madley 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 1,021 per sq.ft. This increased to Rs 1,134 per sq.ft in 2003, marking an 11% rise. The value then saw a significant increase to Rs 2,000 per sq.ft in 2007, which was a 76% increase. Following this, the value surged to Rs 8,000 per sq.ft in 2012, reflecting a substantial 300% increase. However, between 2012 and 2017, the value dropped to Rs 5,360 per sq.ft, a decrease of 33%. The value then rose sharply to Rs 8,000 per sq.ft in 2023, and most recently, it has reached Rs 8,800 per sq.ft in 2024, which is a 10% increase.

The overall change from 2002 to 2024 shows an increase of 762%. There are no figures available for the revisions in years other than those listed.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with 2024 guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value in this area is Rs 11,000 per sq.ft, placing Madley 2nd Street's 2024 figure below that median.

• Madley 3rd Street: Rs 8,800 per sq.ft (2024)
• Madley Ist Street: Rs 8,800 per sq.ft (2024)
• Madley Road: Rs 17,600 per sq.ft (2024)
• Madurai Veeran Koil Street: Rs 6,600 per sq.ft (2024)
• Magali Pillai Thottam: Rs 5,500 per sq.ft (2024)
• Mahalakhsmi Street: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Madley 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Madley 2nd Street?

The Sub Registrar Office that covers Madley 2nd Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Tnagar. It serves as a benchmark for determining the minimum value of a property, which is used to calculate stamp duty and registration fees during the registration process.

When a property is sold, the transaction must be registered, and the guideline value helps ensure that the property is valued appropriately for tax purposes. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating applicable duties and fees.

Frequently asked questions

What is the current guideline value of Madley 2nd Street?

The current guideline value of Madley 2nd Street is Rs 8,800 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 1,021 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 762% over this period.

What is the median guideline value in Tnagar?

The median guideline value in Tnagar is Rs 11,000 per sq.ft, which is higher than the current value of Madley 2nd Street.

What are the stamp duty and registration fees for property in Madley 2nd Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 7,92,000, calculated based on the guideline value of Rs 88,00,000.

Where can I find the Sub Registrar Office for Madley 2nd Street?

The Thiyagaraya nagar Sub Registrar Office, which covers Madley 2nd Street, is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.