Guideline Value for Madha Koil 1st Street

Madha Koil 1st Street guideline value

The current guideline value of Madha Koil 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Madha Koil 1st Street has changed

The guideline value for Madha Koil 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,650 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The increase from 2023 to 2024 is 10%. Overall, from 2007 to 2024, the guideline value has increased by 313%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Madha Koil 1st Street's 2024 figure below that median.

• Madha Koil 2nd Street: Rs 1,650 per sq.ft (2024)
• L.G.G.S. Colony: Rs 2,200 per sq.ft (2024)
• Malligai Avenue: Rs 2,750 per sq.ft (2024)
• Mandaveli Main Road: Rs 2,200 per sq.ft (2024)
• Mandaveli Masoodi Street: Rs 2,200 per sq.ft (2024)
• Mandaveli Pillaiyar Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Koil 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these charges Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madha Koil 1st Street?

The Sub Registrar Office that covers Madha Koil 1st Street 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 Nerkundram

The guideline value is a crucial factor during the registration process when buying or selling property in Nerkundram. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

Frequently asked questions

What is the current guideline value of Madha Koil 1st Street?

The current guideline value of Madha Koil 1st 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 changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, with various revisions occurring in between.

What is the land classification for Madha Koil 1st Street?

The land classification for Madha Koil 1st Street is Residential Class V Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Madha Koil 1st Street?

The Virugambakkam Sub Registrar Office handles registrations for Madha Koil 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.