Guideline Value for Madura kali Nagar

Madura kali Nagar guideline value

The current guideline value of Madura kali Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Madura kali Nagar has changed

The guideline value for Madura kali Nagar has undergone several revisions over the years. The earliest recorded figure is from 2017, when it was Rs 1,340 per sq.ft. This figure increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase 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 recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which means that the guideline value of Madura kali Nagar is below this median.

• Madurakali Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar Extension: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar (Sri Madurakali Nagar): Rs 2,200 per sq.ft (2024)
• Madipakkam Velacheri Road/Sadasivam Nagar: Rs 5,500 per sq.ft (2024)
• Madipakkam Velacheri Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madura kali Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madura kali Nagar?

The Sub Registrar Office that covers Madura kali Nagar is 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 information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees applicable when buying or selling properties in the area. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is taken into account to calculate the fees. The higher of the guideline value or the sale price is used for this calculation, ensuring that the appropriate fees are paid based on the property's worth.

Frequently asked questions

What is the current guideline value of Madura kali Nagar?

The current guideline value of Madura kali Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in Madura kali Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Madura kali Nagar?

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

What is the land classification for Madura kali Nagar?

The land classification for Madura kali Nagar is Residential Class II Type - I.