Guideline Value for Madurakali Nagar Main Road

Madurakali Nagar Main Road guideline value

The current guideline value of Madurakali Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Madurakali Nagar Main Road has changed

The guideline value for Madurakali Nagar Main Road has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, a significant increase from Rs 1,340 per sq.ft during the 2017 revision. This change reflects a rise of 64% between the 2017 and 2024 revisions. It is important to note that the register has no figure for this street in the years 2023, 2012, 2007, 2003, and 2002.

Prior to the 2017 revision, the guideline value was Rs 1,340 per sq.ft. The absence of figures for the years mentioned indicates that there were no recorded changes for this street during those periods. The 2024 figure of Rs 2,200 per sq.ft is thus the latest and reflects the most current valuation for the Madurakali Nagar Main Road.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that have 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 Main Road is below this median.

• Madurakali Nagar Extension: Rs 2,200 per sq.ft (2024)
• Madurakali Nagar (Sri Madurakali Nagar): 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 Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration would be 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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madurakali Nagar Main Road?

The Sub Registrar Office that covers Madurakali Nagar Main Road 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 details.

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

The guideline value is a critical component in the property registration process in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property transaction occurs, the guideline value is assessed to ensure that the correct fees are applied. This helps maintain transparency and standardization in property transactions, as the guideline value reflects the official valuation set by the Registration Department.

Frequently asked questions

What is the current guideline value of Madurakali Nagar Main Road?

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

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking a rise of 64%. There are no figures available for the years 2023, 2012, 2007, 2003, and 2002.

What are the stamp duty and registration fees for properties on this road?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Madurakali Nagar Main Road?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area.

What is the land classification for Madurakali Nagar Main Road?

The land classification for Madurakali Nagar Main Road is Residential Class II Type - I, indicating its designation for residential development.