Guideline Value for Madhavan Nair Road

Madhavan Nair Road guideline value

The current guideline value of Madhavan Nair Road is Rs 11,500 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Special Type - V.

How the guideline value of Madhavan Nair Road has changed

The guideline value for Madhavan Nair Road has seen significant changes over the years. In the 2007 revision, the value was Rs 3,000 per sq.ft. This increased dramatically to Rs 10,500 per sq.ft in the 2012 revision, marking a 250% rise. However, in 2017, the value decreased to Rs 7,035 per sq.ft, a drop of 33%. The value then rose to Rs 10,500 per sq.ft in 2023, representing a 49% increase from the previous revision. The most recent revision in 2024 set the value at Rs 11,500 per sq.ft, reflecting a 10% increase from 2023.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 283%.

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 value for these streets is Rs 8,800 per sq.ft, and Madhavan Nair Road's 2024 figure is above this median.

• Madhavan Nair 1st Cross Street: Rs 8,800 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, making the total Rs 10,35,000. 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 Madhavan Nair Road?

The Sub Registrar Office that covers Madhavan Nair Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable to the government.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Madhavan Nair Road?

The current guideline value of Madhavan Nair Road is Rs 11,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 3,000 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, which is an overall increase of 283%.

What are the stamp duty and registration fees for property in Madhavan Nair Road?

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000, and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Which Sub Registrar Office covers Madhavan Nair Road?

The Chennai Central Joint II Sub Registrar Office covers Madhavan Nair Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Madhavan Nair Road?

The land classification for Madhavan Nair Road is Commercial Special Type - V, which indicates its suitability for commercial activities.