Guideline Value for Madurai Pillai Street

Madurai Pillai Street guideline value

The current guideline value of Madurai Pillai Street is Rs 1,400 per sq.ft, effective from 1 July 2024. This street is located in Chinna Sembaram Bakkam village, under the Sembiam SRO, classified as Residential Class II Type - I.

How the guideline value of Madurai Pillai Street has changed

The guideline value for Madurai Pillai Street has seen significant changes over the years. In 2003, the value was Rs 301 per sq.ft. This increased to Rs 600 per sq.ft in 2007, followed by a substantial rise to Rs 1,300 per sq.ft in 2012. However, it then decreased to Rs 871 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,300 per sq.ft in 2023 and a further rise to Rs 1,400 per sq.ft in 2024, marking an 8% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 365%. The register does not have a figure for the year 2002 for this street.

Guideline values in Chinna Sembaram Bakkam

In Chinna Sembaram Bakkam, there are 37 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median value is Rs 1,400 per sq.ft, which matches the guideline value of Madurai Pillai Street.

• Madurai Pillai 2nd Lane: Rs 1,100 per sq.ft (2024)
• Madurai Pillai 1st Lane: Rs 1,100 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value is Rs 14,00,000. The stamp duty at 7% would be Rs 98,000, and the registration fee at 2% would be Rs 28,000, totaling Rs 1,26,000. It is important to note that 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 details.

Which Sub Registrar Office covers Madurai Pillai Street?

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

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

The guideline value is an important factor when registering property transactions in Chinna Sembaram Bakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation of the property.

When you buy or sell property, the guideline value will be used to determine the applicable fees, which can vary depending on the property's size and the current guideline value per sq.ft. This ensures transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Madurai Pillai Street?

The current guideline value of Madurai Pillai Street is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 301 per sq.ft in 2003 to Rs 1,400 per sq.ft in 2024, showing a significant rise over the years.

What is the classification of land on Madurai Pillai Street?

Madurai Pillai Street is classified as Residential Class II Type - I under the Sembiam SRO.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Madurai Pillai Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current rate, the total stamp duty would be Rs 98,000.