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Guideline Value

Corporate

Guideline Value for Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road)

₹5500/sq.ft.

The guideline value for Madipakkam Main Road/ram Nagar South(velacheri Madipakkam Link Road) in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 5500 per sq.ft, effective 1 July 2024. It was Rs 5000 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Commercial Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹5500 /sq.ft.
From 1-4-2023 ₹5000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹3350 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Madipakkam Main Road/ram Nagar South(velacheri Madipakkam Link Road)

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Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road) guideline value

The current guideline value for Madipakkam Main Road/Ram Nagar South (Velacheri Madipakkam Link Road) is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under Madipakkam-1 village and is classified as Commercial Class I Type - I. The relevant Sub Registrar Office (SRO) is Velacheri SRO.

How the guideline value of Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road) has changed

The guideline value for this street has undergone several revisions over the years. The 2017 revision set the value at Rs 3,350 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value to Rs 5,500 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The changes between the revisions indicate a significant rise in the guideline value, particularly from 2017 to 2023, which saw an increase of 49%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value in this area is Rs 2,750 per sq.ft, placing the Madipakkam Main Road/Ram Nagar South's 2024 figure above this median.

Stamp duty and registration fee for property in Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road)

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road)?

The Sub Registrar Office that covers this area is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process of property transactions. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on the official value set by the government.

During the registration process, buyers and sellers must be aware that the stamp duty is charged on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate fees based on the established guideline value.

Frequently asked questions

What is the current guideline value for Madipakkam Main Road/Ram Nagar South?

The current guideline value for Madipakkam Main Road/Ram Nagar South (Velacheri Madipakkam Link Road) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,000 per sq.ft in 2023, and now to Rs 5,500 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the classification of land in Madipakkam Main Road/Ram Nagar South?

The land classification for Madipakkam Main Road/Ram Nagar South is Commercial Class I Type - I. This classification is important for determining the guideline value and applicable regulations.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Madipakkam Main Road/Ram Nagar South is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of property transactions in the area.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would be Rs 3,85,000.