Guideline Value for Maduvankarai Narasingapuram 3rd Street

Maduvankarai Narasingapuram 3rd Street guideline value

The current guideline value of Maduvankarai Narasingapuram 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Maduvankarai Narasingapuram 3rd Street has changed

The guideline value for Maduvankarai Narasingapuram 3rd Street has undergone several revisions. The oldest available figure is from the 2012 revision, which set the guideline value at Rs 4,000 per sq.ft. This was followed by a decrease in the 2017 revision to Rs 2,680 per sq.ft, marking a change of -33%. The most recent revision in 2024 saw a significant increase to Rs 4,400 per sq.ft, which represents a rise of 64% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

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 is Rs 4,400 per sq.ft, which aligns with the current figure for Maduvankarai Narasingapuram 3rd Street.

• Maduvankarai Narasingapuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 4th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 5th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 6th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai Narasingapuram 3rd 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, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduvankarai Narasingapuram 3rd Street?

The Sub Registrar Office that covers Maduvankarai Narasingapuram 3rd 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be sold or bought, ensuring that the registration process is transparent and standardized.

When you buy or sell a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Maduvankarai Narasingapuram 3rd Street?

The current guideline value of Maduvankarai Narasingapuram 3rd 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. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification for Maduvankarai Narasingapuram 3rd Street?

The land classification for Maduvankarai Narasingapuram 3rd Street is Residential Class II Type - II.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Maduvankarai Narasingapuram 3rd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.