Guideline Value for Madha Nagar

Madha Nagar guideline value

The current guideline value of Madha Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kovur village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Madha Nagar has changed

The guideline value of Madha Nagar has seen significant changes over the years. Starting from the 2007 revision, the value was Rs 250 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 500%. However, it then decreased to Rs 1,005 per sq.ft in the 2017 revision, a drop of 33%. The value rebounded to Rs 1,500 per sq.ft in 2023, and further increased to Rs 1,650 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 560%. The revisions for the years 2002 and 2003 do not have any figures recorded for this street.

Guideline values in Kovur

In Kovur, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with the median value being Rs 1,650 per sq.ft. The guideline value for Madha Nagar aligns with this median.

• Madura Avenue: Rs 1,430 per sq.ft (2024)
• Lakshmi Nagar Extension/ Babu Garden 2: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar Extension Babu Garden 1: Rs 1,650 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Kumaran Nagar: Rs 1,320 per sq.ft (2024)
• Melandai Madaveethi Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Nagar

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, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Madha Nagar?

The Sub Registrar Office covering Madha Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately, and the appropriate taxes are collected. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madha Nagar?

The current guideline value of Madha Nagar 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 250 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking a total increase of 560% over the years.

What are the stamp duty and registration fees for a property in Madha Nagar?

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

Which Sub Registrar Office covers Madha Nagar?

The Kunrathur Sub Registrar Office covers Madha Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification of Madha Nagar?

Madha Nagar is classified as Residential Special Type - I, which is important for determining the applicable guidelines and regulations for property transactions.