Guideline Value for Maduvakanrai 3nd Cross Street

Maduvakanrai 3nd Cross Street guideline value

The current guideline value of Maduvakanrai 3nd 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 3nd Cross Street has changed

The guideline value for Maduvakanrai 3nd Cross Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,100 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 218% rise. However, in 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 250%.

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 aligns with the current value of Maduvakanrai 3nd Cross Street.

• Maduvakanrai 2nd Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 3rd Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 1st Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvakanrai 3nd 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 amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling 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 details.

Which Sub Registrar Office covers Maduvakanrai 3nd Cross Street?

The Maduvakanrai 3nd Cross Street falls under 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 a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must refer to the current guideline value to calculate the costs involved accurately.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the prevailing market conditions. This process is essential for maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Maduvakanrai 3nd Cross Street?

The current guideline value of Maduvakanrai 3nd 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 from Rs 1,100 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 250% over the years.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Maduvakanrai 3nd Cross Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Maduvakanrai 3nd Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification of Maduvakanrai 3nd Cross Street?

Maduvakanrai 3nd Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.