Guideline Value for MADURAVOYAL SERVICE ROAD

Maduravoyal Service Road guideline value

The current guideline value of Maduravoyal Service Road is Rs 2,900 per sq.ft, effective from 1 July 2024. This road is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Maduravoyal Service Road has changed

The guideline value for Maduravoyal Service Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,809 per sq.ft. The value remained at Rs 2,700 per sq.ft until the 2023 revision, which increased it to Rs 2,700 per sq.ft. The current 2024 revision has raised the guideline value to Rs 2,900 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are a total of 617 streets under the Villivakkam SRO with guideline values for 2024 ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing the Maduravoyal Service Road's 2024 figure above that median.

• Madhava Nagar: Rs 1,300 per sq.ft (2024)
• Madhanakuppam Road: Rs 2,100 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Ma.Chandran Nagar: Rs 1,300 per sq.ft (2024)
• Maada Street: Rs 1,600 per sq.ft (2024)
• Malar Nagar Mgr.Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Maduravoyal Service Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, resulting in a total of Rs 2,61,000. 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 Maduravoyal Service Road?

The Maduravoyal Service Road is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Korattur. It is used to determine the stamp duty and registration fees that are applicable when registering a property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value is compared with the sale price to assess the applicable duties. The higher of the two values is used to calculate the stamp duty, ensuring that the correct fees are paid to the registration authorities.

Frequently asked questions

What is the current guideline value of Maduravoyal Service Road?

The current guideline value of Maduravoyal Service Road is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. The value has also increased from Rs 1,809 per sq.ft in 2017, with an overall increase of 7% from 2012 to 2024.

What is the registration office for Maduravoyal Service Road?

The registration office for Maduravoyal Service Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 at 7%.

What are the guideline values for other streets in Korattur?

Other streets in Korattur have varying guideline values, such as Rs 1,300 per sq.ft for Madhava Nagar and Rs 2,100 per sq.ft for Madhanakuppam Road. The values range from Rs 1,100 to Rs 8,200 per sq.ft across 617 streets in the area.