Guideline Value for MEDAVAKKAM TANK 3RD STREET

Medavakkam Tank 3rd Street guideline value

The current guideline value of Medavakkam Tank 3rd Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class II Type - II.

How the guideline value of Medavakkam Tank 3rd Street has changed

The guideline value for Medavakkam Tank 3rd Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,800 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 4,020 per sq.ft. The 2023 revision saw an increase to Rs 6,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 6,500 per sq.ft.

From 2007 to 2024, the overall change in guideline value is +261%. Notably, the increase from 2023 to 2024 is +8%, while the jump from 2017 to 2023 is +49%. 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, with a median value of Rs 5,500 per sq.ft. The guideline value of Medavakkam Tank 3rd Street is above this median.

• Medavakkam Tank 2nd Street: Rs 6,500 per sq.ft (2024)
• Medavakkam Tank 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, making the total cost for these fees Rs 5,85,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Medavakkam Tank 3rd Street?

The Sub Registrar Office that covers Medavakkam Tank 3rd 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 in property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the registration process. This ensures that the fees are calculated based on a standardized value set by the government.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Buyers should consider this value when negotiating sale prices to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Medavakkam Tank 3rd Street?

The current guideline value of Medavakkam Tank 3rd 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 seen several revisions, increasing from Rs 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Medavakkam Tank 3rd Street?

Medavakkam Tank 3rd Street is classified as Residential Class II Type - II.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 65,00,000, the stamp duty would be Rs 4,55,000 and the registration fee would be Rs 1,30,000, totaling Rs 5,85,000.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office for Medavakkam Tank 3rd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.