Guideline Value for Madhavaram-Redhills Road

Madhavaram-Redhills Road guideline value

The current guideline value of Madhavaram-Redhills Road is Rs 1,000 per sq.ft, effective from 1 July 2024. This road is located in Vadaperumbakkam village, under the Redhills Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Madhavaram-Redhills Road has changed

Over the years, the guideline value for Madhavaram-Redhills Road has seen several revisions. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,000 per sq.ft in the 2012 revision. However, it then decreased to Rs 670 per sq.ft in the 2017 revision. The value remained at Rs 1,000 per sq.ft during the 2023 revision and continues at this rate in the 2024 revision, showing no change from the previous year.

From 2017 to 2023, there was a significant increase of 49%. The overall change from the 2007 revision to the current 2024 figure reflects a 67% increase. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Vadaperumbakkam

In Vadaperumbakkam, there are 77 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,300 per sq.ft. The median value for these streets is Rs 1,003 per sq.ft, placing the guideline value of Madhavaram-Redhills Road slightly below this median.

• Lurdhu Garden: Rs 1,003 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,006 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,006 per sq.ft (2024)
• Meenakshi Nagar: Rs 1,006 per sq.ft (2024)
• Mumthaj Nagar: Rs 1,006 per sq.ft (2024)
• Kanniamman Nagar Extn.: Rs 1,003 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavaram-Redhills Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total fees to Rs 90,000. It is essential 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 Madhavaram-Redhills Road?

The Madhavaram-Redhills Road falls under the jurisdiction of the Redhills Sub Registrar Office. The address is Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vadaperumbakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on the official valuation of the property.

When a property is registered, the guideline value helps determine the legal value of the property for taxation purposes. Buyers and sellers should be aware of this value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Madhavaram-Redhills Road?

The current guideline value of Madhavaram-Redhills Road is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, then decreased to Rs 670 per sq.ft in 2017, and has remained at Rs 1,000 per sq.ft in 2023 and 2024.

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

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 and the registration fee would be Rs 20,000, totaling Rs 90,000.

Which Sub Registrar Office handles registrations for Madhavaram-Redhills Road?

The Redhills Sub Registrar Office handles registrations for Madhavaram-Redhills Road, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Madhavaram-Redhills Road?

The land classification for Madhavaram-Redhills Road is Residential Special Type - I.