Guideline Value for MADURAI CHETTY STREET

Madurai Chetty Street guideline value

The current guideline value of Madurai Chetty Street is Rs 5,500 per sq.ft. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Madurai Chetty Street has changed

The guideline value for Madurai Chetty Street has undergone several revisions over the years. The 2007 revision recorded a rate of Rs 1,100 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 355%. However, this value decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 5,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 5,500 per sq.ft, reflecting a 10% rise.

In summary, from 2017 to 2023, there was a substantial increase of 49%, leading to the current value of Rs 5,500 per sq.ft in 2024. It is important to note that the register has no figures for the revisions in 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current guideline value of Madurai Chetty Street.

• Madam Street: Rs 4,400 per sq.ft (2024)
• Madam 3rd Lane: Rs 4,400 per sq.ft (2024)
• Madam 2nd Street: Rs 4,400 per sq.ft (2024)
• Madam 2nd Lane: Rs 4,400 per sq.ft (2024)
• Madam 1st Street: Rs 4,400 per sq.ft (2024)
• Madam 1st Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 details.

Which Sub Registrar Office covers Madurai Chetty Street?

The Sub Registrar Office that covers Madurai Chetty Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Purasaivakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid at the time of the transaction.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded accurately. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madurai Chetty Street?

The current guideline value of Madurai Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What are the stamp duty and registration fees for properties in Madurai Chetty Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations in Purasaivakkam?

The Purasaivakkam Sub Registrar Office handles property registrations in Purasaivakkam, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Madurai Chetty Street?

Madurai Chetty Street is classified as Residential Class III Type - I according to the guideline value register.