Guideline Value for Madurai Meenakshi Nagar - Seyon Street

Madurai Meenakshi Nagar - Seyon Street guideline value

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

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

The guideline value for Madurai Meenakshi Nagar - Seyon Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 404 per sq.ft. This increased to Rs 439 per sq.ft in 2003, marking a change of +9%. In 2007, the value surged to Rs 750 per sq.ft, reflecting a significant increase of +71%. The 2012 revision saw the value rise to Rs 4,500 per sq.ft, which was an increase of +500%. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of -33%. The 2023 revision brought the value back up to Rs 4,500 per sq.ft, followed by the current 2024 revision, which sets the value at Rs 4,950 per sq.ft, an increase of +10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +1125%. There are no figures available for the years not listed in the register for this street.

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, placing the guideline value for Madurai Meenakshi Nagar - Seyon Street above this median.

• Madurai Meenakshi Nagar - Selva Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 1st Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Ramalinga Vallalar Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 2nd Street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Muthukumaran street: Rs 4,950 per sq.ft (2024)
• Madurai Meenakshi Nagar - Thirumurugan 3rd Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Meenakshi Nagar - Seyon 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 charges 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 also use the stamp duty and registration fee calculator for more information.

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

The Sub Registrar Office that covers Madurai Meenakshi Nagar - Seyon Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more details, you can find your SRO.

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

The guideline value plays a crucial role during the registration process of property transactions. It is used to calculate the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the appropriate fees are collected. This value is particularly important for both buyers and sellers to understand, as it reflects the official valuation set by the government for the property.

Frequently asked questions

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

The current guideline value for Madurai Meenakshi Nagar - Seyon 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 significantly from Rs 404 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of +1125%.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office do I need to visit for registration?

The Virugambakkam Sub Registrar Office is responsible for the registration of properties in Madurai Meenakshi Nagar - Seyon Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for this street?

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