Guideline Value for Madipakkam Velacheri Road/Sadasivam Nagar

Madipakkam Velacheri Road/Sadasivam Nagar guideline value

The current guideline value for Madipakkam Velacheri Road/Sadasivam Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village, under the Velacheri SRO, classified as Commercial Class I Type - I.

How the guideline value of Madipakkam Velacheri Road/Sadasivam Nagar has changed

The guideline value for this street has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 3,350 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 5,500 per sq.ft, which is a 10% rise from the previous year.

Overall, from the 2017 revision to the 2024 revision, 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.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing the Madipakkam Velacheri Road/Sadasivam Nagar guideline value above this median.

• Madipakkam Velacheri Road: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Ram Nagar South(Velacheri Madipakkam Link Road): Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Kusavan Kulam: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road/Bharathiar Salai: Rs 5,500 per sq.ft (2024)
• Madhura Street (Sri Balaji Nagar): Rs 3,850 per sq.ft (2024)
• Madhavan Nagar 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Madipakkam Velacheri Road/Sadasivam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total 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 cost for these fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Madipakkam Velacheri Road/Sadasivam Nagar?

The Madipakkam Velacheri Road/Sadasivam Nagar is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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 when buying or selling property in Madipakkam-1. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in the government's records.

When a buyer and seller agree on a sale price, the higher of the guideline value and the sale price is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Madipakkam Velacheri Road/Sadasivam Nagar?

The current guideline value for Madipakkam Velacheri Road/Sadasivam Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 64% over these years.

What are the other streets in Madipakkam-1 and their guideline values?

Other streets in Madipakkam-1 include Madipakkam Velacheri Road, Madipakkam Main Road/Ram Nagar South, Madipakkam Main Road/Kusavan Kulam, and Madipakkam Main Road/Bharathiar Salai, all at Rs 5,500 per sq.ft. Madhura Street (Sri Balaji Nagar) is at Rs 3,850 per sq.ft, and Madhavan Nagar 2nd Street is at Rs 1,650 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the same amount.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.