Guideline Value for Madha Avenue

Madha Avenue guideline value

The current guideline value of Madha Avenue, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Madha Avenue has changed

The guideline value for Madha Avenue has undergone several revisions over the years. In 2002, the value was Rs 170 per sq.ft, which increased to Rs 186 per sq.ft in 2003, marking a 9% rise. The following revision in 2007 saw a significant jump to Rs 500 per sq.ft, reflecting a 169% increase. By 2012, the value was Rs 2,500 per sq.ft, which was a decrease of 400% from the previous revision. The 2017 revision set the value at Rs 1,675 per sq.ft, a 33% decline from 2012. The value then rose to Rs 2,500 per sq.ft in 2023, marking a 49% increase, before reaching the current rate of Rs 2,750 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,518%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, placing Madha Avenue's 2024 figure below that median.

• Madhurai Naicken Street: Rs 2,750 per sq.ft (2024)
• Madurai Naicken Road 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 3,050 per sq.ft (2024)
• Mahalakshmi Street: Rs 3,050 per sq.ft (2024)
• LAKSHMI NAGAR - Venugopala Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Venkateswara Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration would be Rs 2,47,500. 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 Madha Avenue?

The Sub Registrar Office covering Madha Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value of the property for registration purposes. This value is essential for calculating the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in property dealings. Buyers and sellers should be aware of the guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Madha Avenue?

The current guideline value of Madha Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 170 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,518% over the years.

What is the land classification of Madha Avenue?

Madha Avenue is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for properties in Madha Avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees amount to Rs 2,47,500.

Where is the Sub Registrar Office for Madha Avenue located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.