Guideline Value for Madurai Manavazhan Avenue

Madurai Manavazhan Avenue guideline value

The current guideline value of Madurai Manavazhan Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Madurai Manavazhan Avenue has changed

The guideline value for Madurai Manavazhan Avenue has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the most recent 2024 revision has raised it further to Rs 1,300 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 reflects an 8% rise. Overall, comparing the values from 2012 to 2024, there has been an increase of 8%. The register for the years 2002, 2003, and 2007 has no figure for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, positioning Madurai Manavazhan Avenue's 2024 figure below that median.

• Madura Edapalayam: Rs 1,300 per sq.ft (2024)
• Madras Tondiarpet High Road (M.T.H. Road) (Ward-20): Rs 3,300 per sq.ft (2024)
• Madurai Sri Balaji Nagar: Rs 1,300 per sq.ft (2024)
• Madurai Sri Balaji Nagar Part-I: Rs 1,300 per sq.ft (2024)
• Maduramettupalayam Main Road (Ward No.30): Rs 1,300 per sq.ft (2024)
• Madhavaram Moolakkadai G.N.T. Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Manavazhan Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurai Manavazhan Avenue?

The Sub Registrar Office that covers Madurai Manavazhan Avenue is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable, ensuring that both parties are aware of the official valuation of the property.

At the time of registration, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Madurai Manavazhan Avenue?

The current guideline value of Madurai Manavazhan Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Madurai Manavazhan Avenue?

Madurai Manavazhan Avenue is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madurai Manavazhan Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.