Guideline Value for Madurakali Nagar (Sri Madurakali Nagar)

Madurakali Nagar (Sri Madurakali Nagar) guideline value

The current guideline value for Madurakali Nagar (Sri Madurakali Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024. This locality is part of Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Madurakali Nagar (Sri Madurakali Nagar) has changed

The guideline value for Madurakali Nagar has undergone several revisions over the years. In the 2017 revision, the guideline value was set at Rs 1,340 per sq.ft. With the latest revision in 2024, the value has increased to Rs 2,200 per sq.ft, marking a significant change of +64% from the previous figure.

It is important to note that there are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street. The only available figures are from the 2017 and 2024 revisions.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Madurakali Nagar is below this median.

• Madurakali Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar Extension: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Madura kali Nagar: Rs 2,200 per sq.ft (2024)
• Madipakkam Velacheri Road/Sadasivam Nagar: Rs 5,500 per sq.ft (2024)
• Madipakkam Velacheri Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Madurakali Nagar (Sri Madurakali Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurakali Nagar (Sri Madurakali Nagar)?

The Sub Registrar Office that covers Madurakali Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Madurakali Nagar?

The current guideline value of Madurakali Nagar (Sri Madurakali Nagar) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a change of +64%.

Are there any years without a guideline value for Madurakali Nagar?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Madurakali Nagar.

What is the classification of land in Madurakali Nagar?

The land in Madurakali Nagar is classified as Residential Class II Type - I.

Where is the Sub Registrar Office for Madurakali Nagar located?

The Velacheri Sub Registrar Office, which covers Madurakali Nagar, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.