Guideline Value for Maduvakanrai 2nd Street

Maduvakanrai 2nd Street guideline value

The current guideline value of Maduvakanrai 2nd 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 2nd Street has changed

Since the 2002 revision, the guideline value for Maduvakanrai 2nd Street has seen significant changes. In 2002, the guideline value was Rs 534 per sq.ft. It increased to Rs 668 per sq.ft in 2003, marking a 25% rise. The value then rose to Rs 1,100 per sq.ft in 2007, which was a 65% increase. Following this, the guideline value surged to Rs 3,500 per sq.ft in 2012, reflecting a substantial 218% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%. The value climbed again to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,850 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

The overall change from 2002 to 2024 is a remarkable increase of 621%. Notably, there are no figures available for revisions in years other than those specifically listed.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is the same as the current value for Maduvakanrai 2nd Street.

• Maduvakanrai 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 3nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 1st Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 3rd Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 1st Cross 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty is calculated at 7%, which equals Rs 2,69,500, and the registration fee at 2% amounts to Rs 77,000. Therefore, the total cost for stamp duty and registration fee together is Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduvakanrai 2nd Street?

The Sub Registrar Office that covers Maduvakanrai 2nd 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 in the registration process when buying or selling property in Parangimalai. It serves as the minimum value for property transactions, ensuring that the property is registered at a value that reflects its worth according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Maduvakanrai 2nd Street?

The current guideline value of Maduvakanrai 2nd 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, marking an overall increase of 621%.

What is the stamp duty rate for properties in Maduvakanrai 2nd Street?

The stamp duty for properties in Maduvakanrai 2nd Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Maduvakanrai 2nd Street located?

The Sub Registrar Office for Maduvakanrai 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the other streets with the same guideline value in Parangimalai?

Other streets in Parangimalai with the same guideline value of Rs 3,850 per sq.ft include Maduvakanrai 2nd Cross Street, Maduvakanrai 3nd Cross Street, Maduvakanrai 1st Street, Maduvakanrai 3rd Street, Maduvakanrai 1st Cross Street, and Maduvakanrai 4th Cross Street.