Guideline Value for Madras Pattai

Madras Pattai guideline value

The current guideline value of Madras Pattai is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village under the Konnur SRO and is classified as Residential Class I Type - I.

How the guideline value of Madras Pattai has changed

The guideline value for Madras Pattai has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 436 per sq.ft. In the 2003 revision, it increased to Rs 473 per sq.ft, marking an 8% rise. The 2007 revision saw a significant increase to Rs 1,000 per sq.ft, which is a 111% jump from the previous year. The 2012 revision brought the value back up to Rs 5,000 per sq.ft, reflecting a 400% increase from 2007. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, resulting in a 33% drop. The 2023 revision set the value at Rs 5,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 5,500 per sq.ft, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1161%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Madras Pattai is above this median.

• Mannadi Othavadai Street: Rs 3,800 per sq.ft (2024)
• Mannadi Park Lane: Rs 3,800 per sq.ft (2024)
• Mannadi Street: Rs 3,800 per sq.ft (2024)
• Masuthi Street Ist and IInd Street, III Street: Rs 2,750 per sq.ft (2024)
• Kulakkari Street: Rs 3,800 per sq.ft (2024)
• K.R. Nagar: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Madras Pattai

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, calculated at 7%, would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madras Pattai?

The Sub Registrar Office that covers Madras Pattai is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Konnur. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable duties and fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Madras Pattai?

The current guideline value of Madras Pattai 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 436 in 2002 to Rs 5,500 in 2024, showing an overall increase of 1161% over the years.

What is the stamp duty rate for property in Madras Pattai?

The stamp duty rate for property in Madras Pattai is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Madras Pattai?

The Konnur Sub Registrar Office covers Madras Pattai, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the range of guideline values for other streets in Konnur?

The guideline values for other streets in Konnur range from Rs 2,750 to Rs 7,100 per sq.ft, with the median value being Rs 3,800 per sq.ft.