Guideline Value for Maduvakanrai 1st Street

Maduvakanrai 1st Street guideline value

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

How the guideline value of Maduvakanrai 1st Street has changed

The guideline value for Maduvakanrai 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 534 per sq.ft. This value increased to Rs 668 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 65% increase from the previous figure. Following this, the value surged to Rs 3,500 per sq.ft in 2012, reflecting a remarkable 218% increase. However, it dropped to Rs 2,345 per sq.ft in 2017, which was a decrease of 33% from the 2012 revision.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and then it increased again to Rs 3,850 per sq.ft in 2024, showing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 621%.

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 guideline value for these streets is Rs 3,850 per sq.ft, which is equal to the 2024 figure for Maduvakanrai 1st Street.

• Maduvakanrai 1st Cross 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 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 be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, making the total amount for these fees 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 also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Maduvakanrai 1st Street?

The Sub Registrar Office covering Maduvakanrai 1st 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 details.

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

The guideline value plays a crucial role during property registration in Parangimalai. It is the basis for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of this value to ensure compliance with the legal requirements during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the registration process aligns with the established values in the area.

Frequently asked questions

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

The current guideline value of Maduvakanrai 1st 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%.

What is the land classification for Maduvakanrai 1st Street?

The land classification for Maduvakanrai 1st Street is Residential Class II Type - I.

What are the stamp duty and registration fees for a property in Maduvakanrai 1st Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would be Rs 3,46,500.

Which office handles registrations for Maduvakanrai 1st Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Maduvakanrai 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.