Guideline Value for Medavakkam First Lane

Medavakkam First Lane guideline value

The current guideline value of Medavakkam First Lane is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Medavakkam First Lane has changed

The guideline value for Medavakkam First Lane has undergone several revisions over the years. In 2002, the value was Rs 289 per sq.ft, which increased to Rs 330 per sq.ft in 2003, marking a 14% rise. The value further climbed to Rs 900 per sq.ft in 2007, showing a significant increase of 173%. The 2012 revision saw the value decrease to Rs 4,500 per sq.ft, reflecting a decline of 33%. In 2017, the value rose to Rs 3,015 per sq.ft, and then in 2023, it increased to Rs 4,500 per sq.ft, before reaching the current rate of Rs 5,000 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1630%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, and Medavakkam First Lane's current value is above that median.

• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Medavakkam South New Lane: Rs 5,000 per sq.ft (2024)
• Masthan Kori Main Road: Rs 3,900 per sq.ft (2024)
• Masthan Kori Lane: Rs 3,900 per sq.ft (2024)
• Masthan kori Ist lane: Rs 3,900 per sq.ft (2024)
• Masthan Kori First Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam First Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees together to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Medavakkam First Lane?

The Sub Registrar Office that covers Medavakkam First Lane is 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 details.

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

The guideline value is a crucial factor when buying or selling property in Adambakkam as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value ensures that the transaction is recorded at a value that reflects the prevailing market conditions. This helps in maintaining transparency in property dealings and ensures that the government receives the appropriate taxes from property transactions.

Frequently asked questions

What is the current guideline value of Medavakkam First Lane?

The current guideline value of Medavakkam First Lane is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 289 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, showing an overall increase of 1630% over the years.

What is the stamp duty for property in Medavakkam First Lane?

The stamp duty for property in Medavakkam First Lane is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Medavakkam First Lane located?

The Sub Registrar Office for Medavakkam First Lane is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What other streets in Adambakkam have guideline values?

Other streets in Adambakkam include Medavakkam Main Road, Medavakkam South New Lane, and various lanes with values ranging from Rs 3,900 to Rs 5,500 per sq.ft.