Guideline Value for Maduvankarai (Pillaiyar Koil Street)

Maduvankarai (Pillaiyar Koil Street) guideline value

The current guideline value for Maduvankarai (Pillaiyar Koil Street) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Maduvankarai (Pillaiyar Koil Street) has changed

The guideline value for Maduvankarai (Pillaiyar Koil Street) has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023, and then to Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value saw a substantial increase of 49%. Overall, from the 2012 revision to the current 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Maduvankarai (Pillaiyar Koil Street).

• Maduvankarai New Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai (Puthu Street): Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram Main Road: Rs 4,400 per sq.ft (2024)
• Maduvankarai Sengeniamman Koil 1st Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram Lane: Rs 4,400 per sq.ft (2024)
• Maduvankarai Sengeniamman Koil 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai (Pillaiyar Koil Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, resulting in a total of Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduvankarai (Pillaiyar Koil Street)?

The Sub Registrar Office that covers Maduvankarai (Pillaiyar Koil Street) is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a critical factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring transparency and fairness in the registration process.

When a buyer and seller agree on a sale price, the registration office will charge stamp duty and registration fees based on the higher value between the guideline value and the agreed sale price. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value for Maduvankarai (Pillaiyar Koil Street)?

The current guideline value for Maduvankarai (Pillaiyar Koil Street) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

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

Other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft include Maduvankarai New Street, Maduvankarai (Puthu Street), Maduvankarai Narasingapuram Main Road, Maduvankarai Sengeniamman Koil 1st Street, Maduvankarai Narasingapuram Lane, and Maduvankarai Sengeniamman Koil 2nd Street.

What is the registration fee for properties in Maduvankarai (Pillaiyar Koil Street)?

The registration fee for properties in Maduvankarai (Pillaiyar Koil Street) is typically charged at 2% of the guideline value. For example, a property valued at Rs 44,00,000 would incur a registration fee of Rs 88,000.

Where is the Sub Registrar Office located for Maduvankarai (Pillaiyar Koil Street)?

The Sub Registrar Office covering Maduvankarai (Pillaiyar Koil Street) is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.