Guideline Value for Mathakovil Street

Mathakovil Street guideline value

The current guideline value of Mathakovil Street is Rs 175 per sq.ft, effective from 1 July 2024. This street is located in Palnalloor village and falls under the Sunguvarchattram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Mathakovil Street has changed

The guideline value for Mathakovil Street has undergone several revisions over the years. The 2012 revision set the value at Rs 175 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value was reduced to Rs 117 per sq.ft, marking a decrease of 33%. The 2023 revision brought the value back to Rs 175 per sq.ft, and this figure was maintained in the 2024 revision, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Mathakovil Street. Overall, from 2012 to 2024, the guideline value has shown no net change.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO with a guideline value for 2024 ranging from Rs 175 to Rs 471 per sq.ft, with a median value of Rs 200 per sq.ft. The guideline value of Mathakovil Street is below this median.

• Maruthi Nagar: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 175 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• MahaGanapathy Street: Rs 250 per sq.ft (2024)
• Madurai Meenakshi Nagar: Rs 200 per sq.ft (2024)
• New Tank Street: Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in Mathakovil Street

For a 1,000 sq.ft plot at the current rate of Rs 175 per sq.ft, the guideline value amounts to Rs 1,75,000. The stamp duty at 7% would be Rs 12,250, and the registration fee at 2% would be Rs 3,500, bringing the total to Rs 15,750. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mathakovil Street?

The Sub Registrar Office that covers Mathakovil Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Palnalloor. 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 duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the official value of the property. This value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Mathakovil Street?

The current guideline value of Mathakovil Street is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 175 per sq.ft in the 2023 and 2024 revisions. It was reduced to Rs 117 per sq.ft in 2017 from Rs 175 per sq.ft in 2012, marking a decrease of 33%.

What are the guideline values of other streets in Palnalloor?

Other streets in Palnalloor have guideline values ranging from Rs 175 to Rs 471 per sq.ft. The median value for these streets is Rs 200 per sq.ft, making Mathakovil Street's value below this median.

What is the stamp duty rate for properties in Mathakovil Street?

The stamp duty rate for properties in Mathakovil Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mathakovil Street?

The Sub Registrar Office for Mathakovil Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.