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 road is located in Moovarasampattu village under the Alandur SRO, 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 seen significant changes over the years. In 2002, the guideline value was Rs 358 per sq.ft, which increased to Rs 1,000 per sq.ft in 2003, marking a rise of 179%. The value then rose to Rs 1,500 per sq.ft in 2007, an increase of 50%. In 2012, the value was Rs 5,000 per sq.ft, reflecting a substantial increase of 233%. 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, followed by a further rise to Rs 5,500 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,436%. The revisions from 2017 to 2023 show a 49% increase, while the changes from 2012 to 2017 indicate a 33% decrease. Notably, there are no figures available for the revisions in years other than those specified.

Guideline values in Moovarasampattu

In Moovarasampattu, there are 68 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Medavakkam Main Road's 2024 figure above this median.

• Mount Medavakkam Road: Rs 5,500 per sq.ft (2024)
• Madipakkam Main Road: Rs 3,300 per sq.ft (2024)
• Muvarasampattu Main Road: Rs 4,400 per sq.ft (2024)
• Narmatha Street(GANGA NAGAR): Rs 3,300 per sq.ft (2024)
• Kulakkarai Street: Rs 3,300 per sq.ft (2024)
• Kavery Street(GANGA NAGAR): Rs 3,300 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 would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Medavakkam Main Road?

The Sub Registrar Office that covers 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 details.

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

The guideline value is a critical factor in property transactions in Moovarasampattu. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, based on the established guideline value.

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?

Over the years, the guideline value has increased significantly, from Rs 358 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1,436%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles the registration for Medavakkam Main Road?

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

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for property registration, ensuring that the transaction is recorded at a fair price. It also helps in calculating the applicable stamp duty and registration fees during the property transaction process.