Guideline Value for MEDAVAKKAM ROAD

Medavakkam Road guideline value

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

How the guideline value of Medavakkam Road has changed

The guideline value for Medavakkam Road has undergone several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 6,400 per sq.ft, which increased to Rs 7,100 per sq.ft in the 2024 revision, marking an increase of 11%.

Prior to the 2023 revision, there were no figures available for the aforementioned years. The current guideline value reflects the latest assessment and is significantly higher than the previous year's figure.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Medavakkam Road's 2024 figure above that median.

• Medavakkam Road Cross Street: 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

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, totaling Rs 6,39,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Medavakkam Road?

The Sub Registrar Office covering Medavakkam Road 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 information.

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 of property transactions in Sholinganallur - 1. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value must be considered, as it can impact the overall cost of the transaction. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Medavakkam Road?

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

How has the guideline value changed over the years?

The guideline value for Medavakkam Road was Rs 6,400 per sq.ft in 2023 and increased to Rs 7,100 per sq.ft in 2024, reflecting an increase of 11%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Sholinganallur - 1?

The median guideline value for streets in Sholinganallur - 1 is Rs 2,200 per sq.ft, with Medavakkam Road's 2024 value being above this median.

What are the stamp duty and registration fees for properties in Medavakkam Road?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000. Duty is charged on the higher of the guideline value or the sale price.

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.