Guideline Value for Madhammal Koil Street

Madhammal Koil Street guideline value

The current guideline value of Madhammal Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Madhammal Koil Street has changed

The guideline value for Madhammal Koil Street has undergone several revisions over the years. In 2002, the value was Rs 161 per sq.ft, which increased to Rs 202 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 800 per sq.ft in 2007, marking an increase of 296%. By 2012, the value was Rs 2,500 per sq.ft, reflecting a 213% increase from the previous revision. However, in 2017, it decreased to Rs 1,675 per sq.ft, a decline of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,608%. There are no figures available for the revisions in years other than those listed.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, placing Madhammal Koil Street's 2024 figure below that median.

• Madhava Perumal Central Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal East Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal North Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal South Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal West Street: Rs 3,300 per sq.ft (2024)
• Luzkar Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Madhammal Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhammal Koil Street?

The Sub Registrar Office covering Madhammal Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value serves as a benchmark for property transactions in Parangimalai. When buying or selling property, this value is utilized to determine the applicable stamp duty and registration fees, ensuring that all transactions are in accordance with the regulations set by the Registration Department.

During the registration process, the guideline value is essential for calculating the fees involved. Buyers and sellers must be aware that the duty is charged based on the higher amount between the guideline value and the sale price, which ensures compliance with the legal requirements for property transactions.

Frequently asked questions

What is the current guideline value of Madhammal Koil Street?

The current guideline value of Madhammal Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 161 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing a significant overall increase of 1,608% over the years.

What is the registration office for Madhammal Koil Street?

The registration office for Madhammal Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Madhammal Koil Street?

Stamp duty for properties in Madhammal Koil Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,92,500.

What are the other streets in Parangimalai with guideline values?

Other streets in Parangimalai include Madhava Perumal Central Street, Madhava Perumal East Street, Madhava Perumal North Street, Madhava Perumal South Street, Madhava Perumal West Street, and Luzkar Lane, with values ranging from Rs 2,750 to Rs 3,850 per sq.ft in 2024.