Guideline Value for Madurai Meenakshi Nagar - Kandan Street

Madurai Meenakshi Nagar - Kandan Street guideline value

The current guideline value for Madurai Meenakshi Nagar - Kandan Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Madurai Meenakshi Nagar - Kandan Street has changed

Over the years, the guideline value for Madurai Meenakshi Nagar - Kandan Street has seen significant changes. The register shows the following revisions: in 2002, the value was Rs 404 per sq.ft, which increased to Rs 439 per sq.ft in 2003. The value then rose sharply to Rs 750 per sq.ft in 2007, followed by a substantial jump to Rs 4,500 per sq.ft in 2012. However, it decreased to Rs 3,015 per sq.ft in 2017. The guideline value then increased to Rs 4,500 per sq.ft in 2023, and finally reached Rs 4,950 per sq.ft in the 2024 revision.

The changes between these revisions are noteworthy. From 2002 to 2003, the increase was +9%. The value surged by +71% from 2003 to 2007. The jump from 2007 to 2012 was +500%, but then it fell by -33% from 2012 to 2017. After that, there was a significant increase of +49% from 2017 to 2023, and a further rise of +10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1125%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, making the guideline value for Madurai Meenakshi Nagar - Kandan Street above the median.

• Madurai Meenakshi Nagar - Kandan 1st Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kathirvelan Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kandan 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Madurai Perumal koil Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Kadamban Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar Main Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Meenakshi Nagar - Kandan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, making the total fees together 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.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Madurai Meenakshi Nagar - Kandan Street?

The Sub Registrar Office that covers Madurai Meenakshi Nagar - Kandan Street is 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 plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a buyer and seller agree on a sale price, the registration office will assess the guideline value. If the sale price is lower than the guideline value, the buyer will need to pay stamp duty and registration fees based on the guideline value instead of the sale price.

Frequently asked questions

What is the current guideline value for Madurai Meenakshi Nagar - Kandan Street?

The current guideline value for Madurai Meenakshi Nagar - Kandan Street 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 from Rs 404 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing an overall increase of +1125% over the years.

What is the land classification for Madurai Meenakshi Nagar - Kandan Street?

Madurai Meenakshi Nagar - Kandan Street is classified as Residential Class I Type - I.

Where can I find the registration office for this street?

The registration office for Madurai Meenakshi Nagar - Kandan Street 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 Madurai Meenakshi Nagar - Kandan Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,46,500.