Guideline Value for Mada Vilaga Street

Mada Vilaga Street guideline value

The current guideline value of Mada Vilaga Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class III Type - I.

How the guideline value of Mada Vilaga Street has changed

The guideline value for Mada Vilaga Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,100 per sq.ft, an increase from Rs 1,000 per sq.ft in the 2023 revision, marking a 10% rise. Prior to that, the 2017 revision recorded a guideline value of Rs 670 per sq.ft, which was a significant increase of 49% from the previous value in 2012, which was Rs 1,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value. Overall, comparing the values from 2012 to 2024, there has been a 10% increase, reflecting the current value of Rs 1,100 per sq.ft.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a guideline value for 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 2,400 per sq.ft, indicating that Mada Vilaga Street's 2024 guideline value is below this median.

• Mada Veethi Street: Rs 1,700 per sq.ft (2024)
• Madambakkam Sudalai Salai: Rs 2,200 per sq.ft (2024)
• Madambakkam-Nuthancheri Main Road: Rs 2,200 per sq.ft (2024)
• Madambakkam Main Road: Rs 2,750 per sq.ft (2024)
• Madha Street: Rs 1,100 per sq.ft (2024)
• Madhura Nuthanchery: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Vilaga Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mada Vilaga Street?

The Sub Registrar Office that covers Mada Vilaga Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Madambakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is sold or purchased. Buyers need to be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties.

When registering a property, the buyer must ensure that the transaction is compliant with the current guideline values. This helps in maintaining transparency and ensuring that the correct fees are paid to the authorities.

Frequently asked questions

What is the current guideline value of Mada Vilaga Street?

The current guideline value of Mada Vilaga Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, with several revisions in between, including Rs 1,000 per sq.ft in 2023 and Rs 1,000 per sq.ft in 2012.

What are the registration fees for a property in Mada Vilaga Street?

The registration fees for a property are calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000.

Which Sub Registrar Office is responsible for Mada Vilaga Street?

The Selaiyur Sub Registrar Office is responsible for Mada Vilaga Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft for the year 2024, while Mada Vilaga Street's guideline value is below this median at Rs 1,100 per sq.ft.