Guideline Value for Mathiyazhagan Street 1st Cross Street

Mathiyazhagan Street 1st Cross Street guideline value

The current guideline value of Mathiyazhagan Street 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village under the Alandur SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Mathiyazhagan Street 1st Cross Street has changed

Over the years, the guideline value for Mathiyazhagan Street 1st Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,675 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

In 2023, the guideline value increased to Rs 2,500 per sq.ft, and then further rose by 12% to Rs 2,800 per sq.ft in the 2024 revision. Overall, from 2012 to 2024, there has been a 12% increase in the guideline value for this street.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO, with guideline values ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,800 per sq.ft, which matches the current value of Mathiyazhagan Street 1st Cross Street.

• Mathiyazhagan Street 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street Main: Rs 2,800 per sq.ft (2024)
• Medavakkam Alandur High Road: Rs 5,500 per sq.ft (2024)
• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Mekmillan 1st Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 2nd Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mathiyazhagan Street 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mathiyazhagan Street 1st Cross Street?

The Mathiyazhagan Street 1st Cross Street falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ullagaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property, ensuring that both buyers and sellers are aware of the financial implications of their transactions.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the higher value between the guideline value and the sale price. This ensures that the registration process is transparent and consistent across the board.

Frequently asked questions

What is the current guideline value of Mathiyazhagan Street 1st Cross Street?

The current guideline value of Mathiyazhagan Street 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, reflecting a 12% increase. The value has also increased significantly from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023.

What is the land classification for Mathiyazhagan Street 1st Cross Street?

Mathiyazhagan Street 1st Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles the registration for Mathiyazhagan Street 1st Cross Street?

The Alandur Sub Registrar Office handles the registration for Mathiyazhagan Street 1st Cross Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.