Guideline Value for Maduvakanrai 1st Cross Street

Maduvakanrai 1st Cross Street guideline value

The current guideline value of Maduvakanrai 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Maduvakanrai 1st Cross Street has changed

The guideline value for Maduvakanrai 1st Cross Street has seen several revisions over the years. In 2002, the value was Rs 534 per sq.ft, which increased to Rs 668 per sq.ft in 2003, marking a 25% rise. The value continued to rise, reaching Rs 1,100 per sq.ft in 2007, an increase of 65%. By 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a significant jump of 218% from the previous revision. However, it then decreased by 33% to Rs 2,345 per sq.ft in 2017. The value rose again to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 621%. There are no figures available for the revisions in years not listed in the register for this street.

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 among these streets is Rs 3,850 per sq.ft, which is the same as the current guideline value for Maduvakanrai 1st Cross Street.

• 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)
• Maduvakanrai 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvakanrai 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration would be Rs 3,46,500. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Maduvakanrai 1st Cross Street?

The Sub Registrar Office that covers Maduvakanrai 1st Cross 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 more information.

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

The guideline value is an essential reference for property transactions in Parangimalai. It serves as the basis for calculating stamp duty and registration fees during the buying or selling process. Buyers and sellers must consider this value to ensure compliance with legal requirements when registering property.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. It is crucial to understand that the stamp duty is applied based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Maduvakanrai 1st Cross Street?

The current guideline value of Maduvakanrai 1st Cross Street is Rs 3,850 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 534 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 621% over this period.

What is the stamp duty rate for properties in Maduvakanrai 1st Cross Street?

The stamp duty rate for properties in Maduvakanrai 1st Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Maduvakanrai 1st Cross Street located?

The Sub Registrar Office for Maduvakanrai 1st Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Maduvakanrai 1st Cross Street?

Maduvakanrai 1st Cross Street is classified as Residential Class II Type - I, indicating its use for residential purposes.