Guideline Value for Madhavaram-Redhills Salai

Madhavaram-Redhills Salai guideline value

The current guideline value of Madhavaram-Redhills Salai is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Vilakkupattu village under the Redhills SRO, classified as Residential Special Type - I.

How the guideline value of Madhavaram-Redhills Salai has changed

The guideline value for Madhavaram-Redhills Salai has seen several revisions over the years. The 2007 revision set the value at Rs 300 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in the 2017 revision. The 2023 revision raised it to Rs 1,500 per sq.ft, and the latest 2024 revision has increased it further to Rs 1,650 per sq.ft.

From 2007 to 2024, the overall increase in guideline value is 450%. Notably, there was a 400% rise from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023, and finally, a 10% increase from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vilakkupattu

In Vilakkupattu, there are five streets that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 2,200 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Madhavaram-Redhills Salai below this median.

• Sri Balaji Nagar Part 1B: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar Annex: Rs 2,200 per sq.ft (2024)
• V.S. Mani Ring Road Co-Operative Housing Sector: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. Note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madhavaram-Redhills Salai?

The Madhavaram-Redhills Salai area is covered by the Redhills Sub Registrar Office. The address is Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Vilakkupattu. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. The registration office uses the guideline value to calculate the applicable duties and fees, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value of Madhavaram-Redhills Salai is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles property registrations in this area?

The Redhills Sub Registrar Office handles property registrations for Madhavaram-Redhills Salai, located on Sothupakkam Road, Redhills, Chennai.

What is the land classification for Madhavaram-Redhills Salai?

Madhavaram-Redhills Salai is classified as Residential Special Type - I, indicating its suitability for residential development.