Guideline Value for Madipakkam Main Road

Madipakkam Main Road guideline value

The current guideline value of Madipakkam Main Road is Rs 4,070 per sq.ft, effective from 1 July 2024. This road is located in Kovilambakkam village, under the Pallavaram SRO, and is classified as Mixed Type - I land.

How the guideline value of Madipakkam Main Road has changed

The guideline value for Madipakkam Main Road has undergone several revisions over the years. In 2002, the guideline value was Rs 103 per sq.ft. This increased to Rs 166 per sq.ft in 2003, marking a change of +61%. The value saw a significant rise to Rs 800 per sq.ft in 2007, which was an increase of +382%. In 2012, the guideline value remained at Rs 3,700 per sq.ft, but then it decreased to Rs 2,479 per sq.ft in 2017, reflecting a drop of -33%. The 2023 revision set the value at Rs 3,700 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,070 per sq.ft, an increase of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +3851%. There are no figures available for the revisions in years other than those mentioned above.

Guideline values in Kovilambakkam

Kovilambakkam has 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Madipakkam Main Road is above this median.

• Maangali Amman Koil Road: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,380 per sq.ft (2024)
• Mandiyamman Koil Street: Rs 2,750 per sq.ft (2024)
• Mangali Amman Koil 16 & 18 Streets: Rs 2,160 per sq.ft (2024)
• Kurunji Nagar 1 To 6 Main Road: Rs 2,160 per sq.ft (2024)
• Kurinji Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Madipakkam Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,070 per sq.ft, the total guideline value would be Rs 40,70,000. The stamp duty at 7% would amount to Rs 2,84,900, and the registration fee at 2% would be Rs 81,400, bringing the total cost to Rs 3,66,300. 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.

Which Sub Registrar Office covers Madipakkam Main Road?

The Sub Registrar Office covering Madipakkam Main Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction. Buyers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps establish a fair basis for the transaction. It ensures that the government receives the appropriate taxes based on the property's value, protecting both buyers and sellers in the transaction.

Frequently asked questions

What is the current guideline value of Madipakkam Main Road?

The current guideline value of Madipakkam Main Road is Rs 4,070 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 103 per sq.ft in 2002 to Rs 4,070 per sq.ft in 2024, reflecting a total increase of +3851% over the years.

What are the stamp duty rates for property in Madipakkam Main Road?

The stamp duty for property transactions in Madipakkam Main Road is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Madipakkam Main Road?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Madipakkam Main Road?

Madipakkam Main Road is classified as Mixed Type - I land, which is relevant for determining its guideline value and usage regulations.