Guideline Value for MADURAI VEERAN KOIL STREET

Madurai Veeran Koil Street guideline value

The current guideline value of Madurai Veeran Koil Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Madurai Veeran Koil Street has changed

The guideline value for Madurai Veeran Koil Street has seen several revisions over the years. In 2002, the guideline value was Rs 122 per sq.ft. This increased to Rs 142 per sq.ft in 2003, marking a rise of 16%. The value then jumped significantly to Rs 400 per sq.ft in 2007, reflecting an increase of 182%. By 2012, the value remained at Rs 1,700 per sq.ft, but then it decreased to Rs 1,139 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 1,700 per sq.ft in 2023, followed by a further rise to Rs 1,870 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,433%. There are no figures available for the revisions in years other than those listed.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, making the guideline value of Madurai Veeran Koil Street below this median.

• Maduraiveeran Koil Street Annex: Rs 1,870 per sq.ft (2024)
• Madura Ranganathapuram: Rs 2,200 per sq.ft (2024)
• Madura Vadakku Pattu: Rs 2,750 per sq.ft (2024)
• Magastic Phase I: Rs 2,750 per sq.ft (2024)
• L.R. Avenue: Rs 2,200 per sq.ft (2024)
• Malles Ahaana: Rs 5,090 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Veeran Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, bringing the total fees to Rs 1,68,300. It is important to note that 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 Madurai Veeran Koil Street?

The Sub Registrar Office that covers Madurai Veeran Koil Street 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 Medavakkam

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally recognized.

It is essential for both buyers and sellers to be aware of the current guideline value, as it influences the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Madurai Veeran Koil Street?

The current guideline value of Madurai Veeran Koil Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 122 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, showing an overall increase of 1,433% over the years.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot, the total guideline value is Rs 18,70,000. The stamp duty at 7% is Rs 1,30,900, and the registration fee at 2% is Rs 37,400, totaling Rs 1,68,300.

Which authority manages the registration for Madurai Veeran Koil Street?

The registration for Madurai Veeran Koil Street is managed by 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.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, which influences the calculation of stamp duty and registration fees during property transactions. Understanding the guideline value is essential for both buyers and sellers in Medavakkam.