Guideline Value for Maddox Street

Maddox Street guideline value

The current guideline value of Maddox Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO, and is classified as Mixed Type - I land.

How the guideline value of Maddox Street has changed

The guideline value for Maddox Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,770 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in the 2012 revision, marking an increase of 154%. However, in the 2017 revision, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The 2023 revision saw the value rise again to Rs 4,500 per sq.ft, and the most recent 2024 revision set it at Rs 4,900 per sq.ft, reflecting a 9% increase from the previous year.

The register does not have figures for the years 2002 and 2003 for Maddox Street. Overall, from 2007 to 2024, the guideline value has increased by 177%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Maddox Street's 2024 guideline value of Rs 4,900 per sq.ft is above this median.

• Lal Singh Street: Rs 4,000 per sq.ft (2024)
• Lala Street: Rs 6,000 per sq.ft (2024)
• Lala Singh Street: Rs 4,000 per sq.ft (2024)
• Lala Kutti Street: Rs 4,000 per sq.ft (2024)
• Lala Kutti Lane: Rs 4,000 per sq.ft (2024)
• Mahavir Colony: Rs 13,000 per sq.ft (2024)

Stamp duty and registration fee for property in Maddox Street

For a 1,000 sq.ft plot at the current rate of Rs 4,900 per sq.ft, the guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that 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 Maddox Street?

The Sub Registrar Office that covers Maddox Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When registering a property, the guideline value helps in establishing a clear and standardized valuation for the property being sold. This ensures that both parties are aware of the financial responsibilities associated with the transaction, including any applicable duties and fees.

Frequently asked questions

What is the current guideline value of Maddox Street?

The current guideline value of Maddox Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,770 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, showing an overall increase of 177% over this period.

What is the land classification for Maddox Street?

Maddox Street is classified as Mixed Type - I land, which indicates its diverse usage potential within the locality.

What are the stamp duty and registration fees for properties in Maddox Street?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles registrations for Maddox Street?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, handles registrations for Maddox Street.