Guideline Value for Madhavan Street / Muthamzhi Nagar

Madhavan Street / Muthamzhi Nagar guideline value

The current guideline value of Madhavan Street / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This area is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Madhavan Street / Muthamzhi Nagar has changed

The guideline value has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 242 per sq.ft, which increased to Rs 274 per sq.ft in 2003, marking a 13% rise. The value then saw a significant increase to Rs 505 per sq.ft in 2007, which was an 84% change. By 2017, the guideline value further escalated to Rs 1,507 per sq.ft, reflecting a remarkable 198% increase from the previous revision.

The 2023 revision set the value at Rs 2,250 per sq.ft, a 49% increase from 2017. The latest revision in 2024 has raised the guideline value to Rs 2,475 per sq.ft, which is a 10% increase from 2023. It is important to note that there is no figure available for the 2012 revision for this street.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, which means that the guideline value of Madhavan Street / Muthamzhi Nagar is above the median.

• Madhavan Nair Street /Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Nair Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Madhavan Nair Lane / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Nair Cross Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Madhakoil Street, Nagelkeni: Rs 1,980 per sq.ft (2024)
• Madha Koil Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Street / Muthamzhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value amounts to Rs 24,75,000. The stamp duty at 7% would be Rs 1,73,250, and the registration fee at 2% would be Rs 49,500, making the total charges Rs 2,22,750. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the fees applicable.

Which Sub Registrar Office covers Madhavan Street / Muthamzhi Nagar?

The Madhavan Street / Muthamzhi Nagar area is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Pammal. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that transactions are recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Madhavan Street / Muthamzhi Nagar?

The current guideline value of Madhavan Street / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, showing an overall increase of 923% over the years.

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

For a property valued at Rs 24,75,000, the stamp duty would be Rs 1,73,250 and the registration fee would be Rs 49,500, totaling Rs 2,22,750.

Which office handles the registration for Madhavan Street / Muthamzhi Nagar?

The Pammal Sub Registrar Office handles the registration for Madhavan Street / Muthamzhi Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration and helps calculate the applicable stamp duty and registration fees based on the higher of the guideline value or the sale price.