Guideline Value for Madha Nagar

Madha Nagar guideline value

The current guideline value of Madha Nagar, located in Madanandapuram village under the Kunrathur SRO, is Rs 3,960 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Madha Nagar has changed

Over the years, the guideline value of Madha Nagar has seen several revisions. The 2007 revision set the value at Rs 2,758 per sq.ft, which increased to Rs 3,600 per sq.ft in 2012. However, this was followed by a significant decrease to Rs 2,412 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 3,600 per sq.ft, and the most recent revision in 2024 increased it further to Rs 3,960 per sq.ft.

The changes between the revisions highlight a 31% increase from 2007 to 2012, followed by a 33% decrease from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madanandapuram

Madanandapuram village has a total of 94 streets under the Kunrathur SRO, with guideline values ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value in this area is Rs 3,520 per sq.ft, placing Madha Nagar's 2024 figure above this median.

• Madha Nagar Extension I: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension II: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension III: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension IV: Rs 3,960 per sq.ft (2024)
• Madha Nagar Extension V: Rs 3,960 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,960 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 3,960 per sq.ft, the total guideline value amounts to Rs 39,60,000. The stamp duty at 7% would be Rs 2,77,200, while the registration fee at 2% would be Rs 79,200, making the total fees together Rs 3,56,400. It is important to note that 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 information on calculating these fees.

Which Sub Registrar Office covers Madha Nagar?

The Sub Registrar Office that covers Madha Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai - 600 069. For more details, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madanandapuram. It is used to calculate the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Madha Nagar?

The current guideline value of Madha Nagar is Rs 3,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase being 10% from Rs 3,600 per sq.ft in 2023 to Rs 3,960 per sq.ft in 2024. Overall, from 2007 to 2024, the value has increased by 44%.

What is the land classification for Madha Nagar?

The land classification for Madha Nagar is Residential Special Type - I, indicating its designation for residential purposes.

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

For a property valued at Rs 39,60,000, the stamp duty would be Rs 2,77,200 and the registration fee would be Rs 79,200, totaling Rs 3,56,400.

Which office handles registrations for Madha Nagar?

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