Guideline Value for Madhavan Nagar 1st Street

Madhavan Nagar 1st Street guideline value

The current guideline value of Madhavan Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Madhavan Nagar 1st Street has changed

According to the register, there are no figures for Madhavan Nagar 1st Street in the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 1,500 per sq.ft in the 2023 revision, and it has increased by 10% to Rs 1,650 per sq.ft in the 2024 revision.

This change reflects the most recent update, which took effect on 1 July 2024. The increase from 2023 to 2024 marks a significant adjustment in the guideline value for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, indicating that Madhavan Nagar 1st Street's 2024 figure is below that median.

• Madhavan Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Madhavan Nagar: Rs 1,650 per sq.ft (2024)
• Madhura Street (Sri Balaji Nagar): Rs 3,850 per sq.ft (2024)
• Madipakkam Main Road/Bharathiar Salai: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Kusavan Kulam: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road): Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling 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.

You can use the stamp duty and registration fee calculator for more information on costs associated with property transactions.

Which Sub Registrar Office covers Madhavan Nagar 1st Street?

The Madhavan Nagar 1st Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For further assistance, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor when registering property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during a property transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are levied based on the established rates. This helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Madhavan Nagar 1st Street?

The current guideline value of Madhavan Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Madhavan Nagar 1st Street was Rs 1,500 per sq.ft in 2023, which increased by 10% to Rs 1,650 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft. Madhavan Nagar 1st Street's 2024 figure is below this median.

What are the stamp duty rates for property in Madhavan Nagar 1st Street?

The stamp duty for property transactions in Madhavan Nagar 1st Street is charged at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2%.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in Madhavan Nagar 1st Street.