Guideline Value for Mavus Illam (Ward-30)

Mavus Illam (Ward-30) guideline value

The current guideline value of Mavus Illam (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village, under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Mavus Illam (Ward-30) has changed

The guideline value for Mavus Illam (Ward-30) has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 reflects a further increase to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. The register has no figure for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the guideline value rose by 49%, and overall, from 2017 to 2024, there has been a total increase of 62%. This shows a significant change in the guideline value over the years, highlighting the adjustments made in response to various factors affecting property values.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the area is Rs 1,600 per sq.ft, placing Mavus Illam (Ward-30) below this median.

• Mayflower Phase-1: Rs 6,500 per sq.ft (2024)
• M.B. Samy Nagar: Rs 1,300 per sq.ft (2024)
• M.B.T.T. Complex: Rs 3,300 per sq.ft (2024)
• M.C.Devaraj Nagar 1st st ( Ward No.11): Rs 1,300 per sq.ft (2024)
• M.C.Devaraj Nagar 2nd st ( Ward No.11): Rs 1,300 per sq.ft (2024)
• M.C.G. Avenue: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Mavus Illam (Ward-30)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. 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 Mavus Illam (Ward-30)?

The Sub Registrar Office covering Mavus Illam (Ward-30) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is used to determine the official value of the property for registration purposes. This value is essential for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Mavus Illam (Ward-30)?

The current guideline value of Mavus Illam (Ward-30) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 62%, rising from Rs 804 per sq.ft to Rs 1,300 per sq.ft in 2024.

What is the stamp duty rate for property transactions in Mavus Illam (Ward-30)?

The stamp duty rate for property transactions in Mavus Illam (Ward-30) is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the median guideline value for streets in Madhavaram?

The median guideline value for streets in Madhavaram is Rs 1,600 per sq.ft, while Mavus Illam (Ward-30) has a guideline value below this median at Rs 1,300 per sq.ft.