Guideline Value for MADURA NAGAR PHASE-I

Madura Nagar Phase-I guideline value

The current guideline value of Madura Nagar Phase-I is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Sathamai village and falls under the Madurandakam SRO. The land classification for this street is Commercial Class I Type - I.

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

Over the years, the guideline value of Madura Nagar Phase-I has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2023 revision, where it was also Rs 500 per sq.ft. The 2017 revision saw a decrease to Rs 335 per sq.ft, while the 2024 revision returned to Rs 500 per sq.ft, showing no change from the previous year, 2023.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has remained the same at Rs 500 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sathamai

In Sathamai village, there are seven streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 500 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing Madura Nagar Phase-I above this median.

• Madura Nagar: Rs 175 per sq.ft (2024)
• Serenity Garden: Rs 250 per sq.ft (2024)
• Subam Nagar: Rs 250 per sq.ft (2024)
• Udhayam Nagar: Rs 250 per sq.ft (2024)
• Vallalar Nagar: Rs 250 per sq.ft (2024)
• Vallalar Nagar Extension: Rs 250 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 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. 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 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 information.

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

The guideline value is a critical factor when registering property transactions in Sathamai. It serves as a benchmark for calculating the stamp duty and registration fees that are required during the property registration process.

When buyers or sellers engage in a property transaction, the guideline value ensures that the government receives appropriate revenue through taxes. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during 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 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since 2012, with a decrease to Rs 335 per sq.ft in 2017 and an increase back to Rs 500 per sq.ft in 2023 and 2024. The 2023 to 2024 change was 0%.

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

The land classification for Madura Nagar Phase-I is Commercial Class I Type - I.

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

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000.

Which office handles registrations for Madura Nagar Phase-I?

The Madurandakam Sub Registrar Office handles registrations for Madura Nagar Phase-I, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.