Guideline Value for MEDAVAKKAM MAIN ROAD

Medavakkam Main Road guideline value

The current guideline value of Medavakkam Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Medavakkam Main Road has changed

The guideline value for Medavakkam Main Road has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,737 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a 130% rise. However, in 2017, the value decreased to Rs 2,680 per sq.ft, reflecting a 33% drop. The value then rose again to Rs 4,000 per sq.ft in 2023, and currently, it stands at Rs 4,400 per sq.ft as of the 2024 revision, showing a 10% increase from the previous year.

In summary, the guideline value has changed from Rs 1,737 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 153%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Medavakkam

In Medavakkam village, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, indicating that Medavakkam Main Road's 2024 figure is above this median.

• Masuthi Street: Rs 1,870 per sq.ft (2024)
• Marudham Street: Rs 1,870 per sq.ft (2024)
• M.G.R. Street: Rs 1,870 per sq.ft (2024)
• Mandaveli Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Mandaveli 1st Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Medavakkam Main Road?

The Sub Registrar Office covering Medavakkam Main Road 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees applicable to the transaction.

Both buyers and sellers should be aware that the guideline value may influence the final sale price, as it sets a benchmark for property valuation during registration. It is essential to consider this value when planning any property transactions in the area.

Frequently asked questions

What is the current guideline value of Medavakkam Main Road?

The current guideline value of Medavakkam Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,737 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with various increases and a decrease noted in the years between.

What is the land classification for Medavakkam Main Road?

The land classification for Medavakkam Main Road is Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for a property in Medavakkam Main Road?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where can I find the Sub Registrar Office for Medavakkam Main Road?

The Sub Registrar Office for Medavakkam Main Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.