Guideline Value for MADURAI MUDALI STREET

Madurai Mudali Street guideline value

The current guideline value of Madurai Mudali Street is Rs 4,300 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Madurai Mudali Street has changed

The guideline value for Madurai Mudali Street has seen several revisions over the years. In 2002, the value was set at Rs 396 per sq.ft, which increased to Rs 435 per sq.ft in 2003. The subsequent revision in 2007 saw a significant rise to Rs 800 per sq.ft. However, in 2012, the value reverted back to Rs 4,000 per sq.ft, which remained unchanged until the next revision in 2017, where it increased to Rs 2,680 per sq.ft. The guideline value then rose to Rs 4,000 per sq.ft in 2023 and is currently set at Rs 4,300 per sq.ft as of the 2024 revision.

The changes between these revisions are notable. From 2002 to 2003, the increase was +10%, followed by a substantial +400% from 2007 to 2012. The value then decreased by -33% from 2012 to 2017. The most recent change from 2023 to 2024 reflects an increase of +8%. Overall, from 2002 to 2024, the guideline value has increased by +986%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, positioning Madurai Mudali Street's 2024 figure above this median.

• Madhavaram High Road (Station To Lakshmi Amman Koil): Rs 6,500 per sq.ft (2024)
• Magazinepuram 1st Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 2nd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 3rd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 4th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 5th Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Mudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,300 per sq.ft, the total guideline value would be Rs 43,00,000. The stamp duty at 7% would amount to Rs 3,01,000, and the registration fee at 2% would be Rs 86,000, bringing the total to Rs 3,87,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurai Mudali Street?

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

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

The guideline value plays a crucial role during the registration process of property transactions in Perambur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately within the legal framework established by the Registration Department.

Frequently asked questions

What is the current guideline value of Madurai Mudali Street?

The current guideline value of Madurai Mudali Street is Rs 4,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 396 in 2002 to Rs 4,300 in 2024, reflecting an overall increase of +986% over the years.

What is the registration office for Madurai Mudali Street?

The registration office for Madurai Mudali Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai-600 012.

How is stamp duty calculated for properties in Madurai Mudali Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 43,00,000, the stamp duty would be Rs 3,01,000.

What are the other streets in Perambur with their guideline values?

Other streets in Perambur include Madhavaram High Road at Rs 6,500 per sq.ft, and several Magazinepuram streets at Rs 1,600 per sq.ft each, reflecting the varying guideline values in the area.