Guideline Value for Maduvakanrai 3rd Street

Maduvakanrai 3rd Street guideline value

The current guideline value of Maduvakanrai 3rd 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 3rd Street has changed

The guideline value for Maduvakanrai 3rd Street has seen several revisions over the years. In 2002, the guideline 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 significantly, reaching Rs 1,100 per sq.ft in 2007, a 65% increase from the previous revision. By 2012, the value was Rs 3,500 per sq.ft, reflecting a substantial 218% increase from 2007. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, a drop of 33%.

In 2023, the guideline value rose again to Rs 3,500 per sq.ft, and in the latest revision for 2024, it increased by 10% to Rs 3,850 per sq.ft. 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 value is Rs 3,850 per sq.ft, which is the same as the guideline value for Maduvakanrai 3rd Street.

• Maduvakanrai 3nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 2nd Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 4th Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Maduvakanrai 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvakanrai 3rd Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maduvakanrai 3rd Street?

The Sub Registrar Office that covers Maduvakanrai 3rd 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 a critical factor in property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which properties must be registered. This ensures that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Maduvakanrai 3rd Street?

The current guideline value of Maduvakanrai 3rd 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 increased from Rs 534 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 621% over this period.

What is the land classification of Maduvakanrai 3rd Street?

Maduvakanrai 3rd Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

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

Which office handles registrations for Maduvakanrai 3rd Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Maduvakanrai 3rd Street, located in Fanepet Nandanam, Chennai.