Guideline Value for Madurai Pillai 2nd Lane

Madurai Pillai 2nd Lane guideline value

The current guideline value of Madurai Pillai 2nd Lane is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chinna Sembaram Bakkam village, under the Sembiam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Madurai Pillai 2nd Lane has changed

The guideline value for Madurai Pillai 2nd Lane has seen several revisions over the years. In 2003, the value was Rs 301 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The following revision in 2012 saw a rise to Rs 1,000 per sq.ft, before it dropped to Rs 670 per sq.ft in 2017. The value then increased significantly to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft as per the 2024 revision.

Between these revisions, there have been notable changes. From 2003 to 2007, the guideline value increased by 66%, followed by a 100% rise from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has risen by 265% from 2003 to 2024.

Guideline values in Chinna Sembaram Bakkam

In Chinna Sembaram Bakkam, there are 37 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median value for these streets is Rs 1,400 per sq.ft, placing Madurai Pillai 2nd Lane below this median.

• Madurai Pillai 1st Lane: Rs 1,100 per sq.ft (2024)
• Madurai Pillai Street: Rs 1,400 per sq.ft (2024)
• Munusamy Street: Rs 1,100 per sq.ft (2024)
• Pilkinstan Street: Rs 2,200 per sq.ft (2024)
• Ponnusamy Street: Rs 1,100 per sq.ft (2024)
• Ponnuvel Puram 1st Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Pillai 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. Please note that stamp duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Madurai Pillai 2nd Lane?

The Sub Registrar Office that covers Madurai Pillai 2nd Lane is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Chinna Sembaram Bakkam

The guideline value is crucial when buying or selling property, as it determines the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable at the time of registration.

When a property transaction occurs, the guideline value serves as a benchmark, ensuring that the transaction is recorded at a value that reflects the official rates set by the government. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Madurai Pillai 2nd Lane?

The current guideline value of Madurai Pillai 2nd Lane is Rs 1,100 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 301 per sq.ft in 2003 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 265% over this period.

What is the land classification for Madurai Pillai 2nd Lane?

Madurai Pillai 2nd Lane is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the area.

How is stamp duty calculated for properties in Madurai Pillai 2nd Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.