Guideline Value for MADURA NAGAR PHASE-I

Madura Nagar Phase-I guideline value

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

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

The guideline value for Madura Nagar Phase-I has seen several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The value then increased to Rs 500 per sq.ft in 2023, and finally to Rs 501 per sq.ft in 2024, showing no change from the previous year.

Between the revisions, the most notable change occurred from 2017 to 2023, where the guideline value increased by 49%. From 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value remains unchanged at Rs 501 per sq.ft.

Guideline values in Karunguzhi

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

• Madura Nagar Phase-II: 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-I

For a 1,000 sq.ft plot at the current guideline value of Rs 501 per sq.ft, the total guideline value would be 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, making the total charges Rs 45,090. 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 to get an estimate based on your specific property details.

Which Sub Registrar Office covers Madura Nagar Phase-I?

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

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

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

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which must be paid at the time of registration.

Frequently asked questions

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

The current guideline value of Madura Nagar Phase-I 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 back 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-I?

Madura Nagar Phase-I is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the registration office for Madura Nagar Phase-I?

The registration office for Madura Nagar Phase-I is the Madurandakam Sub Registrar Office, 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-I?

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%.