Guideline Value for Madurai Meenakshi Nagar - Ramalinga Vallalar Street

Madurai Meenakshi Nagar - Ramalinga Vallalar Street guideline value

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

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

The guideline value for Madurai Meenakshi Nagar - Ramalinga Vallalar Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 429 per sq.ft, which saw an increase to Rs 467 per sq.ft in 2003, marking a change of +9%. In 2007, the value rose significantly to Rs 750 per sq.ft, reflecting a change of +61%. The 2012 revision maintained the value at Rs 4,500 per sq.ft, with no change from the previous figure. The 2023 revision also kept the value at Rs 4,500 per sq.ft, before increasing to Rs 4,950 per sq.ft in the 2024 revision, representing a change of +10%.

Notably, the register has no figure for this street in the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by +1054%, reaching the current figure of Rs 4,950 per sq.ft.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values 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, indicating that the guideline value for Madurai Meenakshi Nagar - Ramalinga Vallalar Street is above this median.

• Madurai Meenakshi Nagar - Muthukumaran street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Selva Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar Main Road: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Seyon 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 - Thirumurugan 1st Street: Rs 4,950 per sq.ft (2024)

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

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, while the registration fee at 2% would be Rs 99,000. Together, the total cost would be Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurai Meenakshi Nagar - Ramalinga Vallalar Street?

The Sub Registrar Office that covers Madurai Meenakshi Nagar - Ramalinga Vallalar 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 details.

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 through stamp duty and registration fees.

When a buyer and seller agree upon a sale price, the higher value between the sale price and the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that transactions are conducted transparently and fairly, adhering to the regulations set by the Registration Department.

Frequently asked questions

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

The current guideline value for Madurai Meenakshi Nagar - Ramalinga Vallalar 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 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 this area?

The land classification for Madurai Meenakshi Nagar - Ramalinga Vallalar Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Madurai Meenakshi Nagar - Ramalinga Vallalar Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

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