Guideline Value for Madhava Perumal Central Street

Madhava Perumal Central Street guideline value

The current guideline value of Madhava Perumal Central Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Madhava Perumal Central Street has changed

The guideline value for Madhava Perumal Central Street has seen several revisions over the years. In 2002, the guideline value was Rs 340 per sq.ft. This increased to Rs 668 per sq.ft in 2003, marking a rise of 96%. The value then went up by 20% to Rs 800 per sq.ft in 2007. Following this, there was a significant increase of 275%, bringing the value to Rs 3,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 2,010 per sq.ft. The value then rose by 49% to Rs 3,000 per sq.ft in 2023, and most recently, it increased by 10% to the current rate of Rs 3,300 per sq.ft in 2024.

There are no figures available for the revisions in years other than those mentioned. The overall change from 2002 to 2024 shows a remarkable increase of 871% in the guideline value for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Madhava Perumal Central Street is below this median.

• 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)
• Madhammal Koil Street: Rs 2,750 per sq.ft (2024)
• Madurai Naicken Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madhava Perumal Central Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Madhava Perumal Central Street?

The Madhava Perumal Central Street is covered by 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 is an essential factor during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable on property sales. Buyers and sellers must be aware of the guideline value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the correct fees are paid to the government. Buyers should verify the current guideline value before proceeding with a sale or purchase.

Frequently asked questions

What is the current guideline value of Madhava Perumal Central Street?

The current guideline value of Madhava Perumal Central Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 340 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 871% over the years.

What is the land classification for Madhava Perumal Central Street?

The land classification for Madhava Perumal Central Street is Residential Class II Type - II.

Which Sub Registrar Office should I visit for transactions in Madhava Perumal Central Street?

The Chennai South Joint II Sub Registrar Office covers Madhava Perumal Central Street, 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 Madhava Perumal Central Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at Rs 3,300 per sq.ft would incur a total guideline value of Rs 33,00,000, leading to a stamp duty of Rs 2,31,000.