Guideline Value for Madhava Perumal West Street

Madhava Perumal West Street guideline value

The current guideline value of Madhava Perumal West 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 West Street has changed

The guideline value for Madhava Perumal West Street has seen several revisions over the years. In 2002, the value was Rs 465 per sq.ft. This increased to Rs 668 per sq.ft in 2003, followed by a rise to Rs 800 per sq.ft in 2007. The value then jumped significantly to Rs 3,000 per sq.ft in 2012, but saw a decrease to Rs 2,010 per sq.ft in 2017. The value rose again to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft.

Looking at the changes, from 2002 to 2024, there has been an overall increase of 610%. The most notable change occurred between 2007 and 2012, where the value increased by 275%. From 2017 to 2023, the value rose by 49%, while the increase from 2023 to 2024 was 10%. The register has no figure for this street for the years not mentioned.

Guideline values in Parangimalai

In Parangimalai village, 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 value is Rs 3,850 per sq.ft, indicating that the 2024 figure for Madhava Perumal West Street is below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would be 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 higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhava Perumal West Street?

The Sub Registrar Office that covers Madhava Perumal West 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 is used as a benchmark for property transactions in Parangimalai. When a property is sold, the guideline value helps determine the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the guideline value is compared to the sale price, and the higher of the two figures is used to calculate the necessary duties. This ensures that all property transactions are fairly assessed according to the established guidelines.

Frequently asked questions

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

The current guideline value of Madhava Perumal West 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 465 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 610% over the years.

What is the land classification for Madhava Perumal West Street?

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

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which office handles property registrations for Madhava Perumal West Street?

The Chennai South Joint II Sub Registrar Office handles property registrations for Madhava Perumal West Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.