Guideline Value for MADURAI VEERAN KOIL STREET

Madurai Veeran Koil Street guideline value

The current guideline value of Madurai Veeran Koil Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar 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 1,046 per sq.ft. This increased to Rs 1,161 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 2,000 per sq.ft in 2007, an increase of 72%. Following this, the value jumped to Rs 6,000 per sq.ft in 2012, reflecting a remarkable increase of 200%. However, it decreased to Rs 4,020 per sq.ft in 2017, which was a decline of 33%. The guideline value then rose to Rs 6,000 per sq.ft in 2023, and subsequently increased by 10% to reach the current value of Rs 6,600 per sq.ft in 2024.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by 531%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, placing Madurai Veeran Koil Street's 2024 figure below that median.

• Madley Road: Rs 17,600 per sq.ft (2024)
• Madley Ist Street: Rs 8,800 per sq.ft (2024)
• Madley 3rd Street: Rs 8,800 per sq.ft (2024)
• Madley 2nd Street: Rs 8,800 per sq.ft (2024)
• Magali Pillai Thottam: Rs 5,500 per sq.ft (2024)
• Mahalakhsmi Street: Rs 17,600 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total fees would be Rs 5,94,000. It is important to note that the 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 Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tnagar. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the guideline value to ensure they are prepared for the associated costs during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

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 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,046 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 531% 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 66,00,000, resulting in a stamp duty of Rs 4,62,000 and a registration fee of Rs 1,32,000, totaling Rs 5,94,000.

Which office handles property registrations for Madurai Veeran Koil Street?

The Thiyagaraya nagar Sub Registrar Office handles property registrations for Madurai Veeran Koil Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the significance of the guideline value when buying property?

The guideline value is essential for calculating the stamp duty and registration fees during a property transaction. It is compared to the sale price to determine which value is used for these calculations.