Guideline Value for MADURA AVENUE

Madura Avenue guideline value

The current guideline value of Madura Avenue is Rs 1,430 per sq.ft, effective from 1 July 2024. This street is located in Kovur village, under the Kunrathur SRO, and is classified as Mixed Type - I.

How the guideline value of Madura Avenue has changed

The guideline value for Madura Avenue has seen several revisions over the years. In 2012, the value was Rs 1,300 per sq.ft, which then decreased to Rs 871 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,300 per sq.ft in 2023 and further rose to Rs 1,430 per sq.ft in the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, while from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%. The most recent change from 2023 to 2024 reflects a rise of 10%.

Guideline values in Kovur

Kovur village has a total of 91 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Madura Avenue's 2024 figure below this median.

• Madha Nagar: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar Extension/ Babu Garden 2: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar Extension Babu Garden 1: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Melandai Madaveethi Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,430 per sq.ft, the total guideline value would be Rs 14,30,000. The stamp duty at 7% would amount to Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, together totaling Rs 1,28,700. 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 detailed calculations.

Which Sub Registrar Office covers Madura Avenue?

The Sub Registrar Office that covers Madura Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Kovur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madura Avenue?

The current guideline value of Madura Avenue is Rs 1,430 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2012 to Rs 871 per sq.ft in 2017, then increased to Rs 1,300 per sq.ft in 2023, and finally to Rs 1,430 per sq.ft in 2024.

What is the land classification for Madura Avenue?

Madura Avenue is classified as Mixed Type - I, which indicates the nature of land use in the area.

Where can I find the registration office for Madura Avenue?

The registration office for Madura Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for property in Madura Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 1,00,100.