Guideline Value for Maduvankarai Narasingapuram 1st Street

Maduvankarai Narasingapuram 1st Street guideline value

The current guideline value of Maduvankarai Narasingapuram 1st 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. The land classification for this area is Residential Class II Type - II.

How the guideline value of Maduvankarai Narasingapuram 1st Street has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased significantly to Rs 4,400 per sq.ft, reflecting a rise of 64%. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

The register has no figure for Maduvankarai Narasingapuram 1st Street for the years 2023, 2007, 2003, and 2002.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Maduvankarai Narasingapuram 1st Street.

• Maduvankarai Narasingapuram 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai (Mettu Street): Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai Narasingapuram 1st Street

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

Which Sub Registrar Office covers Maduvankarai Narasingapuram 1st Street?

The Maduvankarai Narasingapuram 1st Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a critical role in property transactions in Velachery. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers should be aware that the guideline value is often used as a benchmark for the sale price, ensuring that the registration process is aligned with the official value set by the authorities.

When registering a property, the guideline value helps in calculating the total costs involved, including stamp duty and registration fees. This ensures transparency in the transaction process and helps both buyers and sellers understand their financial obligations.

Frequently asked questions

What is the current guideline value of Maduvankarai Narasingapuram 1st Street?

The current guideline value of Maduvankarai Narasingapuram 1st 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, and then increased to Rs 4,400 per sq.ft in 2024. Overall, this represents a 10% increase from 2012 to 2024.

What is the stamp duty for property in Maduvankarai Narasingapuram 1st Street?

The stamp duty for property in Maduvankarai Narasingapuram 1st Street is 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 3,08,000.

Which office handles property registrations in Velachery?

The Velacheri Sub Registrar Office handles property registrations in Velachery. Its address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Maduvankarai Narasingapuram 1st Street?

The land classification for Maduvankarai Narasingapuram 1st Street is Residential Class II Type - II, indicating its designated use for residential purposes.