Guideline Value for Madan Street

Madan Street guideline value

The current guideline value of Madan Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Perungalathur village, under the Padappai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Madan Street has changed

The guideline value for Madan Street has seen significant changes over the years. In the 2007 revision, the value was Rs 250 per sq.ft, which increased to Rs 1,500 per sq.ft in 2012. However, the value decreased by 33% to Rs 1,005 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 1,500 per sq.ft, followed by a further rise of 10% to the current value of Rs 1,650 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 560%. The most notable change was from 2007 to 2012, where it rose by 500%, followed by a 49% increase from 2017 to 2023. The value has fluctuated significantly over the years, reflecting various revisions.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,310 per sq.ft, placing Madan Street's 2024 figure below this median.

• L.M.J Garden: Rs 2,310 per sq.ft (2024)
• Madurakavi Alwar Theru: Rs 2,310 per sq.ft (2024)
• Lingam Nagar-II: Rs 1,980 per sq.ft (2024)
• Lingam Nagar-I: Rs 1,980 per sq.ft (2024)
• Lime Light Avenue Phase II: Rs 2,640 per sq.ft (2024)
• Lime Light Avenue: Rs 2,310 per sq.ft (2024)

Stamp duty and registration fee for property in Madan Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the 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 Madan Street?

The Sub Registrar Office that covers Madan Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perungalathur. It is used to determine the stamp duty and registration fees applicable on the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the sale price or the guideline value, whichever is higher, is considered for calculating the stamp duty. This ensures that the transaction is registered at a value that reflects the market conditions and the established guideline values.

Frequently asked questions

What is the current guideline value of Madan Street?

The current guideline value of Madan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 560% over the years.

What is the registration office for Madan Street?

The registration office for Madan Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Madan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 1,48,500 in stamp duty and registration fees.

What are the guideline values for other streets in Perungalathur?

Other streets in Perungalathur have varying guideline values, ranging from Rs 1,320 to Rs 5,500 per sq.ft. Streets like L.M.J Garden and Madurakavi Alwar Theru both have a guideline value of Rs 2,310 per sq.ft in 2024.