Guideline Value for Maduma Nagar

Maduma Nagar guideline value

The current guideline value of Maduma Nagar, located in Sembiam village under the Sembiam SRO, is Rs 3,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Maduma Nagar has changed

The guideline value for Maduma Nagar has seen several revisions over the years. In 2002, the value was Rs 403 per sq.ft, which increased to Rs 437 per sq.ft in 2003, marking an 8% rise. By 2007, the value jumped significantly to Rs 800 per sq.ft, reflecting an 83% increase. The 2012 revision saw a decrease to Rs 3,200 per sq.ft, a drop of 300% from the previous revision. In 2017, the value increased to Rs 2,144 per sq.ft, a 49% rise. The 2023 revision set the value at Rs 3,200 per sq.ft, before the latest increase to Rs 3,500 per sq.ft in 2024, which represents a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 768%. The register has no figure for the years not mentioned in the revisions for this street.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Maduma Nagar's 2024 figure above that median.

• Maduraisamy Madam 1st Street: Rs 3,500 per sq.ft (2024)
• Maduraisamy Madam 2nd Street: Rs 3,500 per sq.ft (2024)
• Maduraisamy Madam 3rd Street: Rs 3,500 per sq.ft (2024)
• Maduraisamy Madam East Street: Rs 3,500 per sq.ft (2024)
• Maduraisamy Madam V.O.C. Nagar: Rs 3,500 per sq.ft (2024)
• Maduraisamy Main Road: Rs 3,500 per sq.ft (2024)

Stamp duty and registration fee for property in Maduma Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,500 per sq.ft, the guideline value amounts to Rs 35,00,000. The stamp duty at 7% would be Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total to Rs 3,15,000. 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 further calculations.

Which Sub Registrar Office covers Maduma Nagar?

The Sub Registrar Office covering Maduma Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Sembiam. It determines the minimum value at which properties can be registered, ensuring that transactions are conducted fairly and transparently.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for both buyers and sellers to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Maduma Nagar?

The current guideline value of Maduma Nagar is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 403 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, reflecting an overall increase of 768% over the years.

What is the land classification for Maduma Nagar?

Maduma Nagar is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty rates for property in Maduma Nagar?

The stamp duty rate for property transactions in Maduma Nagar is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles property registrations in the area.