Guideline Value for MADURA NAGAR

Madura Nagar guideline value

The current guideline value for Madura Nagar is Rs 1,500 per sq.ft, effective from the 2024 revision. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Madura Nagar has changed

The guideline value for Madura Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 1,400 per sq.ft in the 2012 revision, marking a 180% rise. However, in the 2017 revision, the value decreased to Rs 938 per sq.ft, reflecting a decline of 33%. The 2023 revision saw a substantial increase to Rs 1,400 per sq.ft, followed by a further increase to the current value of Rs 1,500 per sq.ft in 2024, representing a 7% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 200%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 8,600 per sq.ft, and the median value being Rs 3,300 per sq.ft. The guideline value for Madura Nagar is below this median.

• Mahaveer Nagar: Rs 1,900 per sq.ft (2024)
• Mallikapuram: Rs 2,150 per sq.ft (2024)
• Manali Express Road: Rs 3,300 per sq.ft (2024)
• Lakshmi Puram: Rs 2,150 per sq.ft (2024)
• Manikkam Nagar: Rs 3,300 per sq.ft (2024)
• Manikkam Nagar Extn: Rs 3,300 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 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total fees to Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Madura Nagar?

The Sub Registrar Office covering Madura Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

When a property is sold, the guideline value is compared against the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction is in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Madura Nagar?

The current guideline value of Madura Nagar is Rs 1,500 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2024, showing an overall increase of 200% over the years.

What is the stamp duty rate for property in Madura Nagar?

The stamp duty rate for property transactions in Madura Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential for calculating stamp duty and registration fees during property transactions in Thiruvottiyur.