Guideline Value for MEDAVAKKAM ROAD CROSS STREET

Medavakkam Road Cross Street guideline value

The current guideline value of Medavakkam Road Cross Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Medavakkam Road Cross Street has changed

The guideline value for Medavakkam Road Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, reflecting an increase from Rs 6,400 per sq.ft in the 2023 revision. This change represents an 11% increase from the previous year.

Prior to the 2023 revision, there are no figures available for the years 2017, 2012, 2007, 2003, and 2002 in the register for this street. Therefore, the only available figures are from the 2023 and 2024 revisions.

Guideline values in Sholinganallur - 1

In the village of Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, making the current value of Medavakkam Road Cross Street notably higher than the median.

• Medavakkam Road: Rs 7,100 per sq.ft (2024)
• Me.Aa.Vaidyalingam Street: Rs 2,200 per sq.ft (2024)
• Mayana Pathai: Rs 1,700 per sq.ft (2024)
• Mark Garden: Rs 1,700 per sq.ft (2024)
• M.G.R. 10th Street: Rs 2,800 per sq.ft (2024)
• M.G.R. 11th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam Road Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Medavakkam Road Cross Street?

The Sub Registrar Office that covers Medavakkam Road Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process for property transactions in Sholinganallur - 1. 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 buying or selling property, the guideline value helps both parties understand the value of the property being transacted. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to prepare for the associated fees during the registration process.

Frequently asked questions

What is the current guideline value of Medavakkam Road Cross Street?

The current guideline value of Medavakkam Road Cross Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 6,400 per sq.ft in 2023 to Rs 7,100 per sq.ft in 2024, which is an increase of 11%.

What is the land classification for Medavakkam Road Cross Street?

The land classification for Medavakkam Road Cross Street is Residential Special Type - I.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000.