Guideline Value for MADURAM NAGAR 5TH STREET

Maduram Nagar 5th Street guideline value

The current guideline value of Maduram Nagar 5th Street is Rs 1,650 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 III Type - I.

How the guideline value of Maduram Nagar 5th Street has changed

The guideline value for Maduram Nagar 5th Street has undergone several revisions over the years. The earliest recorded figure is Rs 500 per sq.ft in 2007, which saw a significant increase to Rs 1,500 per sq.ft in 2012. However, the value then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value rose sharply to Rs 1,500 per sq.ft in 2023 and currently stands at Rs 1,650 per sq.ft from the 2024 revision.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 10%. The overall change from 2007 to 2024 reflects a substantial increase of 230% in the guideline value for this street. The register does not have figures for the years 2002 and 2003 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 guideline value is Rs 1,650 per sq.ft, which is the same as the current value for Maduram Nagar 5th Street.

• Maduram Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Maduram Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Maduram Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Maduram Nagar 5th Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduram Nagar 5th Street?

The Sub Registrar Office that covers Maduram Nagar 5th 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

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 applicable duties. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Maduram Nagar 5th Street?

The current guideline value of Maduram Nagar 5th Street is Rs 1,650 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 1,650 per sq.ft in 2024, reflecting an overall increase of 230% over this period.

What is the land classification for Maduram Nagar 5th Street?

The land classification for Maduram Nagar 5th Street is Residential Class III Type - I.

Where can I find the Sub Registrar Office for Maduram Nagar 5th Street?

The Sub Registrar Office for Maduram Nagar 5th Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Kolathuvancheri?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.