Guideline Value for Madha Koil 2nd Street

Madha Koil 2nd Street guideline value

The current guideline value of Madha Koil 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, and it falls under the Residential Class V Type - I land classification.

How the guideline value of Madha Koil 2nd Street has changed

Over the years, the guideline value of Madha Koil 2nd Street has seen significant changes. The earliest recorded figure is from 2007, where the guideline value was Rs 400 per sq.ft. This increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 275%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a drop of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, and subsequently to Rs 1,650 per sq.ft in 2024, indicating a 10% increase.

In summary, the guideline value increased from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, an overall increase of 313%. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

Nerkundram village has a total of 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 for these streets is Rs 2,200 per sq.ft, placing Madha Koil 2nd Street's 2024 figure below that median.

• Madha Koil 1st 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 2nd Street

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

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madha Koil 2nd Street?

The Sub Registrar Office that covers Madha Koil 2nd 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 plays a crucial role in property transactions in Nerkundram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the transaction is recorded accurately in the official records.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the overall costs involved in the property transaction. Proper understanding of these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Madha Koil 2nd Street?

The current guideline value of Madha Koil 2nd 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 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, which is an overall increase of 313%.

What is the median guideline value for streets in Nerkundram?

The median guideline value for streets in Nerkundram is Rs 2,200 per sq.ft. Madha Koil 2nd Street's 2024 figure is below this median.

What are the stamp duty and registration fees for a property in Madha Koil 2nd Street?

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 the registration for Madha Koil 2nd Street?

The registration for Madha Koil 2nd Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.