Guideline Value for Madha Kovil Street

Madha Kovil Street guideline value

The current guideline value of Madha Kovil Street is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Sethamangalam village, under the Sunguvarchattram SRO, and is classified as Residential Special Type - I.

How the guideline value of Madha Kovil Street has changed

The guideline value for Madha Kovil Street has undergone several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 500 per sq.ft. The 2017 revision had a lower figure of Rs 335 per sq.ft, marking a decrease of 33% from the 2012 figure. Overall, from 2012 to 2024, the guideline value has not changed, remaining at Rs 500 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 500 per sq.ft. The most recent revision in 2024 has maintained this figure, showing no percentage change from the previous year.

Guideline values in Sethamangalam

Sethamangalam village has a total of 11 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 250 to Rs 500 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Madha Kovil Street's 2024 figure above this median.

• Kulakkarai Street: Rs 250 per sq.ft (2024)
• New Colony First Street: Rs 250 per sq.ft (2024)
• New Colony Second Street: Rs 250 per sq.ft (2024)
• New Colony Third Street: Rs 250 per sq.ft (2024)
• Iyappa Nager: Rs 405 per sq.ft (2024)
• Chennai - Bangalore National Highway: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty is charged at 7%, totaling Rs 35,000, while the registration fee is 2%, amounting to Rs 10,000. Together, the total cost for stamp duty and registration fee would be Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madha Kovil Street?

The Sub Registrar Office covering Madha Kovil Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Sethamangalam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold or purchased, the registration office uses the guideline value to calculate the fees, ensuring that the transaction is conducted in accordance with the established legal framework. This helps maintain transparency and standardization in property dealings.

Frequently asked questions

What is the current guideline value of Madha Kovil Street?

The current guideline value of Madha Kovil Street is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since the 2012 revision, with a notable increase of 49% from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023.

What is the land classification for Madha Kovil Street?

Madha Kovil Street is classified as Residential Special Type - I, which indicates its designated use for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Madha Kovil Street?

The Sub Registrar Office for Madha Kovil Street is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone. You can find your SRO through the provided link.