Guideline Value for MADURAM NAGAR 1ST STREET

Maduram Nagar 1st Street guideline value

The current guideline value of Maduram Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Maduram Nagar 1st Street has changed

The guideline value for Maduram Nagar 1st Street has undergone several revisions over the years. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 300% increase. However, the value then decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The subsequent revisions saw the value rise again, reaching Rs 2,000 per sq.ft in 2023, and then increasing to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 340%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the guideline value of Rs 2,200 per sq.ft for Maduram Nagar 1st Street above the median.

• Maduram Nagar: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 5th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar Extn.: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Maduram Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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 detailed calculations.

Which Sub Registrar Office covers Maduram Nagar 1st Street?

The Sub Registrar Office covering Maduram Nagar 1st 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 Kolathuvancheri

The guideline value is a crucial factor when registering property transactions in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When you buy or sell property, the guideline value will influence the overall cost of the transaction. Buyers should be aware of the guideline value to understand the financial implications, including the applicable stamp duty and registration fees based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Maduram Nagar 1st Street?

The current guideline value of Maduram Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this street?

The Chennai South Joint I Sub Registrar Office covers Maduram Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Maduram Nagar 1st Street?

The land classification for Maduram Nagar 1st Street is Residential Class I Type - I, which indicates its suitability for residential development.