Guideline Value for Madhavan Nair 1st Cross Street

Madhavan Nair 1st Cross Street guideline value

The current guideline value of Madhavan Nair 1st Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Madhavan Nair 1st Cross Street has changed

The guideline value for Madhavan Nair 1st Cross Street has seen several revisions over the years. In 2007, the guideline value was Rs 4,700 per sq.ft, which increased to Rs 8,000 per sq.ft in 2012, reflecting a rise of 70%. However, between 2012 and 2017, the value decreased by 33% to Rs 5,360 per sq.ft. The value then significantly increased to Rs 8,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 has set the guideline value at Rs 8,800 per sq.ft, an increase of 10% from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 87%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, which aligns with the current figure for Madhavan Nair 1st Cross Street.

• Madhavan Nair Road: Rs 11,500 per sq.ft (2024)
• Loyola College Hostel: Rs 10,400 per sq.ft (2024)
• Loyola College Compound Rd: Rs 11,500 per sq.ft (2024)
• Mahalingam Chetty Road: Rs 10,400 per sq.ft (2024)
• Mahalingam Chetty Street: Rs 10,400 per sq.ft (2024)
• Mahalingam Colony Layout: Rs 7,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Madhavan Nair 1st Cross Street?

The Sub Registrar Office that covers Madhavan Nair 1st Cross Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor during property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The value helps ensure that the transaction is recorded accurately and complies with local regulations.

When a property is sold, the guideline value is considered to ensure the correct amount of stamp duty is paid. Buyers and sellers should be aware that the duty is calculated based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of Madhavan Nair 1st Cross Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 4,700 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 87% during this period.

What is the land classification for Madhavan Nair 1st Cross Street?

Madhavan Nair 1st Cross Street is classified as Residential Special Type - II.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles registrations for Madhavan Nair 1st Cross Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Madhavan Nair 1st Cross Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.