Guideline Value for MADURA NAGAR

Madura Nagar guideline value

The current guideline value of Madura Nagar, located in Iyyappanthangal village, is Rs 1,980 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Madura Nagar has changed

The guideline value for Madura Nagar has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2012, marking a 500% increase. However, it then decreased to Rs 1,206 per sq.ft in 2017, reflecting a 33% drop. The value rose again to Rs 1,800 per sq.ft in 2023, and most recently, it increased by 10% to Rs 1,980 per sq.ft in 2024.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 560%. Notably, the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Madura Nagar's 2024 figure below this median.

• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,320 per sq.ft (2024)
• Maruthi Nagar: Rs 2,200 per sq.ft (2024)
• Kumari Nagar: Rs 1,980 per sq.ft (2024)
• Kumaran Avenue: Rs 2,200 per sq.ft (2024)
• Mettu Colony: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total fees to Rs 1,78,200. 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?

The Sub Registrar Office that covers Madura Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Iyyappanthangal. It is used to determine the stamp duty and registration fees payable during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration laws.

When a property is sold, the guideline value is referenced to ascertain the minimum value on which stamp duty is calculated. This ensures that the transaction is recorded at a value that reflects the official assessment of the property's worth in the locality.

Frequently asked questions

What is the current guideline value of Madura Nagar?

The current guideline value of Madura Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 560% over this period.

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

For a 1,000 sq.ft property, the total guideline value is Rs 19,80,000. The stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Which office handles registrations for Madura Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Madura Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification of Madura Nagar?

Madura Nagar is classified as Residential Class III Type - I, indicating its designation for residential use within the Chennai South Joint I SRO.