Guideline Value for Madurai Meenakshi Nagar Main Road

Madurai Meenakshi Nagar Main Road guideline value

The current guideline value of Madurai Meenakshi Nagar Main Road is Rs 4,950 per sq.ft, effective from 1 July 2024. This property is located in Valasaravakkam village under the Virugambakkam SRO and falls under the Residential Class I Type - I land classification.

How the guideline value of Madurai Meenakshi Nagar Main Road has changed

The guideline value for Madurai Meenakshi Nagar Main Road has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 429 per sq.ft. This increased to Rs 467 per sq.ft in 2003, reflecting a change of +9%. The value then rose significantly to Rs 750 per sq.ft in 2007, marking a +61% increase. Following this, the value surged to Rs 4,500 per sq.ft in 2012, which was a substantial increase of +500%. However, it decreased to Rs 3,015 per sq.ft in 2017, indicating a decline of -33%.

From 2017 to 2023, the guideline value increased to Rs 4,500 per sq.ft, showing a rise of +49%. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, which is a +10% increase from the previous year. There are no figures available for the revisions of years not mentioned in this register for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Madurai Meenakshi Nagar Main Road above this median.

• Madurai Meenakshi Nagar - Madurai Perumal koil Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Muthukumaran street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kathirvelan Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Ramalinga Vallalar Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kandan Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Selva Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Meenakshi Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. 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 Meenakshi Nagar Main Road?

The Madurai Meenakshi Nagar Main Road falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value will be used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value for Madurai Meenakshi Nagar Main Road?

The current guideline value for Madurai Meenakshi Nagar Main Road is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of +1054% over the years.

What is the land classification for Madurai Meenakshi Nagar Main Road?

Madurai Meenakshi Nagar Main Road is classified as Residential Class I Type - I, which indicates its suitability for residential development.

Where can I find the registration office for properties in this area?

The registration office for properties in Madurai Meenakshi Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Valasaravakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at a rate of 7%.