Guideline Value for Madipakkam Main Road

Madipakkam Main Road guideline value

The current guideline value of Madipakkam Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Moovarasampattu village under the Alandur SRO, classified as Residential Class I Type - I.

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 310 per sq.ft, which increased to Rs 700 per sq.ft in 2003, marking a significant rise of 126%. The value then continued to rise to Rs 1,000 per sq.ft in 2007, an increase of 43%. After that, the value jumped to Rs 3,000 per sq.ft in 2012, reflecting a remarkable growth of 200%. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value saw a substantial increase again, reaching Rs 3,000 per sq.ft in 2023, followed by the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 965%. There are no figures available for any other revisions for this street.

Guideline values in Moovarasampattu

In Moovarasampattu, there are 68 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft, with the median being Rs 3,300 per sq.ft. The guideline value for Madipakkam Main Road is equal to this median.

• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Kulakkarai Street: Rs 3,300 per sq.ft (2024)
• Mount Medavakkam Road: Rs 5,500 per sq.ft (2024)
• Kavery Street(GANGA NAGAR): Rs 3,300 per sq.ft (2024)
• Muvarasampattu Main Road: Rs 4,400 per sq.ft (2024)
• Narmatha Street(GANGA NAGAR): Rs 3,300 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 rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that 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 details.

Which Sub Registrar Office covers Madipakkam Main Road?

The Sub Registrar Office that covers Madipakkam Main Road is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Moovarasampattu. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware that the guideline value may differ from the actual sale price, but the duty is charged on the higher of the two.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with the legal requirements. The guideline value serves as a benchmark for assessing property transactions in the area.

Frequently asked questions

What is the current guideline value of Madipakkam Main Road?

The current guideline value of Madipakkam Main Road is Rs 3,300 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 310 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 965% over the years.

What is the land classification for Madipakkam Main Road?

Madipakkam Main Road is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Madipakkam Main Road?

The Alandur Sub Registrar Office, which covers Madipakkam Main Road, is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Madipakkam Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.