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 Ullagaram village under the Alandur SRO, and it falls under the Commercial Class I Type - I land classification.

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. Following this, the value rose to Rs 1,750 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017, before climbing to Rs 5,000 per sq.ft in 2023, and finally reaching Rs 5,500 per sq.ft in 2024.

The changes between the revisions are notable. From 2002 to 2003, the guideline value increased by 179%. The value then rose by 75% from 2003 to 2007, followed by a significant increase of 186% from 2007 to 2012. After a decrease of 33% from 2012 to 2017, the value increased by 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 1,436% from 2002 to 2024.

Guideline values in Ullagaram

In Ullagaram village, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft, with a median of Rs 2,800 per sq.ft. The guideline value for Medavakkam Main Road is above this median.

• Medavakkam Alandur High Road: Rs 5,500 per sq.ft (2024)
• Mathiyazhagan Street Main: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street 1st Cross Street: Rs 2,800 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 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 together to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ullagaram. It serves as a benchmark for determining the minimum value of the property for registration purposes. This ensures that the property is registered at a value that reflects the current market conditions as per the guidelines set by the government.

When a property is sold, the buyer and seller must consider the guideline value for calculating stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue during the transaction.

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 changed significantly, starting from Rs 358 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1,436% over the years.

What is the registration office for Medavakkam Main Road?

The registration 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.

How is stamp duty calculated for properties in Medavakkam Main Road?

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

What are the other streets in Ullagaram with their guideline values?

Other streets in Ullagaram include Medavakkam Alandur High Road at Rs 5,500 per sq.ft, Mathiyazhagan Street Main, 1st Cross Street, and 2nd Cross Street at Rs 2,800 per sq.ft, and Mekmillan 1st and 2nd Cross Streets at Rs 3,900 per sq.ft.