Guideline Value for Maduvankarai New Street

Maduvankarai New Street guideline value

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

How the guideline value of Maduvankarai New Street has changed

In the 2012 revision, the guideline value for Maduvankarai New Street was Rs 4,000 per sq.ft. This figure remained unchanged in the 2023 revision. However, with the 2024 revision, the guideline value increased to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are a total of 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 guideline value is Rs 4,400 per sq.ft, which matches the current guideline value of Maduvankarai New Street.

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

Stamp duty and registration fee for property in Maduvankarai New 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, bringing the total fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Maduvankarai New Street?

The Maduvankarai New Street falls under the jurisdiction of 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 details.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for both buyers and sellers to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Maduvankarai New Street?

The current guideline value of Maduvankarai New Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How often does the guideline value get revised?

The guideline value is revised periodically, with the most recent revision occurring in 2024. Previous revisions were made in 2023 and 2012, among other years.

What was the guideline value in 2023?

The guideline value of Maduvankarai New Street in 2023 was Rs 4,000 per sq.ft.

Is there any guideline value available for the years 2002, 2003, 2007, and 2017?

No, the register has no figures for Maduvankarai New Street for the years 2002, 2003, 2007, and 2017.

How is the stamp duty calculated for properties in Maduvankarai New Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.