Guideline Value for MADURA NAGAR PHASE-II

Madura Nagar Phase-II guideline value

The current guideline value of Madura Nagar Phase-II is Rs 501 per sq.ft, effective from 1 July 2024. This area is located in Karunguzhi village and falls under the Madurandakam SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Madura Nagar Phase-II has changed

The guideline value for Madura Nagar Phase-II has seen several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft. However, it decreased to Rs 335 per sq.ft in 2017. Following this, the value increased to Rs 500 per sq.ft in 2023, and it has now slightly risen to Rs 501 per sq.ft in 2024, showing no percentage change from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value remains unchanged at Rs 501 per sq.ft, indicating stability in this period.

Guideline values in Karunguzhi

In Karunguzhi, there are 37 streets under the Madurandakam SRO that have a guideline value for 2024, ranging from Rs 401 to Rs 1,000 per sq.ft. The median value for these streets is Rs 401 per sq.ft, placing Madura Nagar Phase-II above this median.

• Madura Nagar Phase-I: Rs 501 per sq.ft (2024)
• Maasumsha High Way Mega City: Rs 602 per sq.ft (2024)
• Malaipalayam: Rs 401 per sq.ft (2024)
• Malaipalayam Periya Colony: Rs 401 per sq.ft (2024)
• Mallali Pettai: Rs 600 per sq.ft (2024)
• KEEZHANDAI COLONY (a) VALLUVAR STREET: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 501 per sq.ft, the total guideline value amounts to Rs 5,01,000. The stamp duty at 7% would be Rs 35,070, and the registration fee at 2% would be Rs 10,020, bringing the total to Rs 45,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madura Nagar Phase-II?

The Madurandakam Sub Registrar Office covers Madura Nagar Phase-II. The office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Karunguzhi. It is used to determine the stamp duty and registration fees that need to be paid when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Madura Nagar Phase-II?

The current guideline value of Madura Nagar Phase-II is Rs 501 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 501 per sq.ft in 2024.

What is the land classification for Madura Nagar Phase-II?

The land classification for Madura Nagar Phase-II is Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Madurandakam Sub Registrar Office?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Madura Nagar Phase-II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,01,000, the stamp duty would be Rs 35,070 at 7%.