Guideline Value for Medavakkam Main Road

Medavakkam Main Road guideline value

The current guideline value of Medavakkam Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO and is classified as Commercial Class I Type - I.

How the guideline value of Medavakkam Main Road has changed

The guideline value for Medavakkam Main Road has undergone several revisions since 2007. In 2007, the guideline value was Rs 900 per sq.ft, which saw a significant increase to Rs 5,000 per sq.ft in 2012, marking a rise of 456%. However, it decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft after a 10% increase in 2024.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 511%.

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, with a median of Rs 3,900 per sq.ft. The guideline value for Medavakkam Main Road is above this median.

• Medavakkam First Lane: Rs 5,000 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 Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Medavakkam Main Road?

The Sub Registrar Office covering Medavakkam Main Road 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 information.

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

The guideline value is a critical reference point during property transactions in Adambakkam. It is used to determine the stamp duty and registration fees applicable when registering a property sale, ensuring that the government receives the appropriate revenue from property transactions.

When buyers and sellers agree on a sale price, the guideline value is compared to this price. The higher of the two is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Medavakkam Main Road?

The current guideline value of Medavakkam Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 900 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, an overall increase of 511%.

What are the guideline values of other streets in Adambakkam?

Other streets in Adambakkam have varying guideline values, with Medavakkam First Lane and Medavakkam South New Lane both valued at Rs 5,000 per sq.ft in 2024, while several streets like Masthan Kori Main Road are valued at Rs 3,900 per sq.ft.

How is the stamp duty calculated on properties in Medavakkam Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at the rate of 7%.

Where can I find the Sub Registrar Office for Medavakkam Main Road?

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