Guideline Value for Maduvakanrai 4th Cross Street

Maduvakanrai 4th Cross Street guideline value

The current guideline value of Maduvakanrai 4th Cross 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 4th Cross Street has changed

The guideline value for Maduvakanrai 4th Cross Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 534 per sq.ft. This 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, which was a 65% increase from the previous year. In 2012, the value was Rs 3,500 per sq.ft, reflecting a significant 218% increase from 2007. However, the value dropped by 33% to Rs 2,345 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,500 per sq.ft in 2023, followed by a 10% rise to the current rate of Rs 3,850 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 621%. There are no figures available for the years not mentioned in this register for Maduvakanrai 4th Cross 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 guideline value for the area is Rs 3,850 per sq.ft, which is equal to the current guideline value of Maduvakanrai 4th Cross Street.

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

Stamp duty and registration fee for property in Maduvakanrai 4th 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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to 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 4th Cross Street?

The Sub Registrar Office that covers Maduvakanrai 4th 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 plays a crucial role in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which properties can be registered. This ensures transparency and helps in calculating the applicable stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with registration requirements. The stamp duty is calculated based on the guideline value or the sale price, whichever is higher, making it essential for both parties to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of Maduvakanrai 4th Cross Street?

The current guideline value of Maduvakanrai 4th 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 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 are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, these fees total Rs 3,46,500.

Which Sub Registrar Office covers Maduvakanrai 4th Cross Street?

The Chennai South Joint II Sub Registrar Office covers Maduvakanrai 4th 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 for Maduvakanrai 4th Cross Street?

The land classification for Maduvakanrai 4th Cross Street is Residential Class II Type - I.