Guideline Value for Madurai Naicken Street

Madurai Naicken Street guideline value

The current guideline value of Madurai Naicken Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Madurai Naicken Street has changed

The guideline value for Madurai Naicken Street has seen several revisions over the years. Starting from Rs 252 per sq.ft in 2002, the value increased to Rs 316 per sq.ft in 2003. By 2007, it had risen significantly to Rs 800 per sq.ft, and then it jumped to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023 before reaching the current figure of Rs 3,300 per sq.ft in 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, the increase was +25%; from 2003 to 2007, it rose by +153%; the value then increased by +275% from 2007 to 2012, followed by a decrease of -33% from 2012 to 2017. The value jumped by +49% from 2017 to 2023, and finally, it increased by +10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1210%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Madurai Naicken Street's 2024 value below that median.

• Maduvakanrai 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 1st Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 2nd Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 3nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madurai Naicken Street?

The Sub Registrar Office that covers Madurai Naicken Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value plays a crucial role when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any legal issues.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Madurai Naicken Street?

The current guideline value of Madurai Naicken Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 252 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing significant increases and a few decreases over the years.

What is the land classification for Madurai Naicken Street?

Madurai Naicken Street is classified as Residential Class II Type - II.

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

The Sub Registrar Office for Madurai Naicken Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Madurai Naicken Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,31,000.