Guideline Value for MEDAVAKKAM TANK 1ST STREET

Medavakkam Tank 1st Street guideline value

The current guideline value of Medavakkam Tank 1st Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Medavakkam Tank 1st Street has changed

The guideline value for Medavakkam Tank 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012, marking a rise of 233%. However, the value dropped to Rs 4,020 per sq.ft in the 2017 revision, reflecting a decrease of 33%. The 2023 revision raised the value to Rs 6,000 per sq.ft, and the most recent 2024 revision brought it to Rs 6,500 per sq.ft, an increase of 8% from the previous year.

In summary, from the 2017 revision to the 2023 revision, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 261%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Medavakkam Tank 1st Street's 2024 figure above this median.

• Medavakkam Tank 2nd Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank 3rd Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank Road: Rs 9,900 per sq.ft (2024)
• Menod Street: Rs 6,000 per sq.ft (2024)
• Masudi Street: Rs 4,400 per sq.ft (2024)
• Manonmani Ammal Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam Tank 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value would be Rs 65,00,000. The stamp duty at 7% would amount to Rs 4,55,000, while the registration fee at 2% would be Rs 1,30,000, bringing the total to Rs 5,85,000. Please 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 Tank 1st Street?

The Sub Registrar Office that covers Medavakkam Tank 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that all transactions are recorded accurately and transparently.

Frequently asked questions

What is the current guideline value of Medavakkam Tank 1st Street?

The current guideline value of Medavakkam Tank 1st Street is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of 261%.

What is the land classification for Medavakkam Tank 1st Street?

Medavakkam Tank 1st Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Medavakkam Tank 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 65,00,000 would incur a stamp duty of Rs 4,55,000 at 7%.