Guideline Value for Mada Koil Cross Street

Mada Koil Cross Street guideline value

The current guideline value of Mada Koil Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Mada Koil Cross Street has changed

The guideline value for Mada Koil Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision has raised it to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, there was a 10% increase. Overall, from 2012 to 2024, the guideline value has seen a 10% increase, reflecting the changes in the real estate landscape in Neelankarai.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Mada Koil Cross Street.

• Mada Koil Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi Street (Bharathiyar Nagar): Rs 1,700 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,700 per sq.ft (2024)
• Maraikkayar Nagar: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Koil Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mada Koil Cross Street?

The Sub Registrar Office that covers Mada Koil 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees payable during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are recorded accurately and transparently, reflecting the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Mada Koil Cross Street?

The current guideline value of Mada Koil Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Mada Koil Cross Street?

Mada Koil Cross Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

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 stamp duty calculated for properties in Mada Koil Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur a total guideline value of Rs 22,00,000.