Guideline Value for Maduvankarai Narasingapuram Lane

Maduvankarai Narasingapuram Lane guideline value

The current guideline value of Maduvankarai Narasingapuram Lane is Rs 4,400 per sq.ft. This lane is located in Velachery village, under the Velacheri SRO, with a land classification of Residential Class II Type - II.

How the guideline value of Maduvankarai Narasingapuram Lane has changed

The guideline value for Maduvankarai Narasingapuram Lane has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in the 2017 revision. Following that, the value increased significantly to Rs 4,000 per sq.ft in the 2023 revision, and the most recent 2024 revision has set it at Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that 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 that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Maduvankarai Narasingapuram Lane.

• Maduvankarai Narasingapuram Extn: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram Main Road: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 7th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai New Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai Narasingapuram 6th Street: Rs 4,400 per sq.ft (2024)
• Maduvankarai (Pillaiyar Koil Street): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Maduvankarai Narasingapuram Lane

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, while the registration fee at 2% would be Rs 88,000. Together, the total fees would be 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 Narasingapuram Lane?

The Sub Registrar Office that covers Maduvankarai Narasingapuram Lane 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 buying or selling property in Velachery, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that the transaction is recorded accurately and legally within the framework set by the local authorities.

Frequently asked questions

What is the current guideline value of Maduvankarai Narasingapuram Lane?

The current guideline value of Maduvankarai Narasingapuram Lane 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 2023 to Rs 4,400 per sq.ft in 2024, marking a 10% increase. It was Rs 2,680 per sq.ft in 2017, which increased to Rs 4,000 per sq.ft in 2023.

What is the land classification of Maduvankarai Narasingapuram Lane?

Maduvankarai Narasingapuram Lane is classified as Residential Class II Type - II.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Maduvankarai Narasingapuram Lane is 7% of the guideline value or sale price, whichever is higher. This is part of the overall registration costs incurred during property transactions.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registration activities for properties in the area.