Guideline Value for MEDAVAKKAM ANNEX SALAI

Medavakkam Annex Salai guideline value

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

How the guideline value of Medavakkam Annex Salai has changed

The guideline value for Medavakkam Annex Salai has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 2,200 per sq.ft in the 2024 revision.

Notably, the changes between the revisions show a 49% increase from 2017 to 2023, while there was a 33% decrease from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Jelandianpettai

In Jelandianpettai, a total of 248 streets are registered under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,320 to Rs 7,500 per sq.ft. The guideline value for Medavakkam Annex Salai matches the median value of Rs 2,200 per sq.ft for this area.

• Masoothi Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Cross Street: Rs 2,200 per sq.ft (2024)
• Manimegalai Street: Rs 2,200 per sq.ft (2024)
• M.G.R. Salai: Rs 2,200 per sq.ft (2024)
• M.G.R. Street: Rs 2,200 per sq.ft (2024)
• Manickam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam Annex Salai

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Medavakkam Annex Salai?

The Sub Registrar Office that covers Medavakkam Annex Salai 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 Jelandianpettai

The guideline value is a crucial factor in property transactions in Jelandianpettai. It serves as the basis for calculating the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during registration.

When registering a property, the guideline value helps determine the official value of the property, which can influence the overall transaction process. It is essential for both parties to understand how the guideline value applies to their specific transaction to avoid any discrepancies.

Frequently asked questions

What is the current guideline value of Medavakkam Annex Salai?

The current guideline value of Medavakkam Annex Salai 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Medavakkam Annex Salai?

Medavakkam Annex Salai is classified as Residential Class II Type - I. This classification indicates the type of development and usage permitted in the area.

Where can I find the Sub Registrar Office for Medavakkam Annex Salai?

The Sub Registrar Office for Medavakkam Annex Salai 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.

How is stamp duty calculated for properties in Medavakkam Annex Salai?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.