Guideline Value for MADURA NAGAR

Madura Nagar guideline value

The current guideline value of Madura Nagar, located in Karikili village under the Salavakkam SRO, is Rs 111 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - V.

How the guideline value of Madura Nagar has changed

The guideline value for Madura Nagar has seen several revisions over the years. The 2012 revision recorded a guideline value of Rs 110 per sq.ft, which then decreased to Rs 74 per sq.ft in the 2017 revision. Following this, the value increased by 50% to Rs 111 per sq.ft in the 2023 revision, and it remained unchanged in the 2024 revision, maintaining the Rs 111 per sq.ft rate.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by just 1%.

Guideline values in Karikili

In Karikili village, there are 12 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 150 per sq.ft, with a median value of Rs 116 per sq.ft. The guideline value for Madura Nagar is below this median.

• Layout (No Name): Rs 120 per sq.ft (2024)
• Kuberan Nagar: Rs 120 per sq.ft (2024)
• K.J.Nagar Phase-III: Rs 120 per sq.ft (2024)
• K.J.Nagar Phase-II: Rs 111 per sq.ft (2024)
• K.J.Nagar: Rs 111 per sq.ft (2024)
• Nemichand Park: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Nagar

For a 1,000 sq.ft plot at the current rate of Rs 111 per sq.ft, the guideline value amounts to Rs 1,11,000. The stamp duty at 7% would be Rs 7,770, and the registration fee at 2% would be Rs 2,220, totaling Rs 9,990. It is essential 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 accurate calculations based on your property details.

Which Sub Registrar Office covers Madura Nagar?

The Sub Registrar Office covering Madura Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Karikili. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This value is essential for ensuring compliance with local regulations and for the accurate assessment of property transactions.

When engaging in a property transaction, it is vital to understand that the guideline value is the baseline for calculating the necessary fees. Buyers and sellers should be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madura Nagar?

The current guideline value of Madura Nagar is Rs 111 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 110 per sq.ft in 2012 to Rs 74 per sq.ft in 2017, then to Rs 111 per sq.ft in 2023 and remaining the same in 2024. Overall, from 2012 to 2024, it has increased by 1%.

What is the land classification for Madura Nagar?

The land classification for Madura Nagar is Residential Special Type - V.

What are the stamp duty and registration fees for a property in Madura Nagar?

For a property valued at Rs 1,11,000, the stamp duty would be Rs 7,770, and the registration fee would be Rs 2,220, totaling Rs 9,990.

Where is the Sub Registrar Office for Madura Nagar located?

The Sub Registrar Office for Madura Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.