Guideline Value for Madhavan Nagar 2nd Street

Madhavan Nagar 2nd Street guideline value

The current guideline value of Madhavan Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Thalakanancherry village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Madhavan Nagar 2nd Street has changed

The guideline value for Madhavan Nagar 2nd Street has undergone several revisions over the years. In 2007, the guideline value was Rs 750 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 233% rise. However, between 2012 and 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. The subsequent revision in 2023 saw the value rise to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,800 per sq.ft, showing a 12% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 273%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thalakanancherry

In Thalakanancherry, there are 318 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Madhavan Nagar 2nd Street is below this median.

• Madhavan Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Madippakkam Main road: Rs 5,500 per sq.ft (2024)
• Lakshmi Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Narasimma Koil Street: Rs 4,400 per sq.ft (2024)
• Malaicharivu Road: Rs 2,800 per sq.ft (2024)
• Lakshmi Nagar Main: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total charges Rs 2,52,000. It is important to note that 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 more information.

Which Sub Registrar Office covers Madhavan Nagar 2nd Street?

The Sub Registrar Office that covers Madhavan Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Thalakanancherry. It is used as a basis for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is considered to determine the applicable fees. It is essential for both parties to understand this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madhavan Nagar 2nd Street?

The current guideline value of Madhavan Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 273% over the years.

What is the land classification for Madhavan Nagar 2nd Street?

The land classification for Madhavan Nagar 2nd Street is Residential Class II Type - II.

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Madhavan Nagar 2nd Street?

Stamp duty 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 total stamp duty would be Rs 1,96,000.