Guideline Value for Madura Vasal Lane

Madura Vasal Lane guideline value

The current guideline value of Madura Vasal Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This lane is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class I Type - I.

How the guideline value of Madura Vasal Lane has changed

The guideline value for Madura Vasal Lane has seen several revisions over the years. In 2003, the guideline value was Rs 920 per sq.ft. This increased to Rs 1,200 per sq.ft in 2007, marking a rise of 30%. The value then jumped significantly to Rs 4,000 per sq.ft in 2012, reflecting an increase of 233%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a decline of 33%. The subsequent revision in 2023 saw the guideline value rise to Rs 4,000 per sq.ft, and the latest revision in 2024 has set it at Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there is no figure available for Madura Vasal Lane in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 378%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the guideline value for Madura Vasal Lane. Below are other streets in Muthiyalpet with their respective guideline values:

• Madura Vasal Street: Rs 4,400 per sq.ft (2024)
• Mabuskhan Garden Street: Rs 4,900 per sq.ft (2024)
• Lendriyan Devidson Street: Rs 6,000 per sq.ft (2024)
• Malaiya Perumal Street: Rs 8,800 per sq.ft (2024)
• Malaiyappan Street: Rs 4,400 per sq.ft (2024)
• Lawyer Chinna Thambi Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Vasal Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. 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 precise calculations.

Which Sub Registrar Office covers Madura Vasal Lane?

The Sub Registrar Office that covers Madura Vasal Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration of property transactions in Muthiyalpet. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value helps determine the official value of the property for tax purposes. This value is crucial in ensuring that the appropriate fees are paid, which is based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Madura Vasal Lane?

The current guideline value of Madura Vasal Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 920 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting significant increases and one decrease over the years.

What is the registration office for Madura Vasal Lane?

The registration office for Madura Vasal Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Madura Vasal Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,08,000.

What is the land classification for Madura Vasal Lane?

Madura Vasal Lane is classified as Residential Class I Type - I, which falls under the regulations of the Sowcarpet SRO.