Guideline Value for Madhurai Naicken Street

Madhurai Naicken Street guideline value

The current guideline value of Madhurai Naicken Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Madhurai Naicken Street has changed

Over the years, the guideline value of Madhurai Naicken Street has seen significant changes. The 2002 revision set the value at Rs 186 per sq.ft. By 2003, it increased to Rs 204 per sq.ft, marking a 10% rise. The value then jumped to Rs 400 per sq.ft in 2007, reflecting a substantial increase of 96%. The 2012 revision brought the value down to Rs 2,500 per sq.ft, a decrease of 525%. However, from 2012 to 2017, it decreased further to Rs 1,675 per sq.ft, a decline of 33%. The value rose to Rs 2,500 per sq.ft in 2023, which was a 49% increase from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, marking a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1378%. There are no figures available for the revisions in years other than those specified above.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft as of 2024. The median value for these streets is Rs 3,050 per sq.ft, placing Madhurai Naicken Street's 2024 figure below that median.

• Madurai Naicken Road 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Madha Avenue: Rs 2,750 per sq.ft (2024)
• Mahalakshmi Avenue: Rs 3,050 per sq.ft (2024)
• Mahalakshmi Street: Rs 3,050 per sq.ft (2024)
• LAKSHMI NAGAR - Venugopala Street: Rs 2,200 per sq.ft (2024)
• LAKSHMI NAGAR - Venkateswara Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madhurai Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Madhurai Naicken Street?

The Sub Registrar Office that covers Madhurai Naicken Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential reference point when buying or selling property in Maduravoyal. It helps determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When registering a property, the guideline value serves as a benchmark for calculating the applicable taxes. It is crucial for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madhurai Naicken Street?

The current guideline value of Madhurai Naicken Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 186 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1378% over the years.

What is the median guideline value in Maduravoyal?

The median guideline value for streets in Maduravoyal is Rs 3,050 per sq.ft as of 2024, which is higher than the current value of Madhurai Naicken Street.

What are the stamp duty and registration fees for properties in Madhurai Naicken Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for Madhurai Naicken Street?

The Virugambakkam Sub Registrar Office handles property registrations for Madhurai Naicken Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.