Guideline Value for Medavakkam South New Lane

Medavakkam South New Lane guideline value

The current guideline value of Medavakkam South New 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 South New Lane has changed

The guideline value for Medavakkam South New Lane has seen 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. By 2007, the value surged to Rs 900 per sq.ft, reflecting a significant increase of 173%. The value then rose dramatically to Rs 4,500 per sq.ft in 2012, a 400% increase from the previous revision. However, it dropped to Rs 3,015 per sq.ft in 2017, showing a decrease of 33%.

In the subsequent revisions, the guideline value rose to Rs 4,500 per sq.ft in 2023, which was a 49% increase from the 2017 figure. The most recent revision in 2024 saw the value increase to Rs 5,000 per sq.ft, representing an 11% rise from the previous year. There are no figures available for the revisions in years not listed for this street.

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 for these streets is Rs 3,900 per sq.ft, placing the 2024 figure for Medavakkam South New Lane above this median.

• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Medavakkam First 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 South New Lane

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, totaling Rs 4,50,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Medavakkam South New Lane?

The Sub Registrar Office that covers Medavakkam South New 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the actual sale price, which can significantly affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Medavakkam South New Lane?

The current guideline value of Medavakkam South New 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 increased from Rs 289 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1630% over this period.

What is the land classification for Medavakkam South New Lane?

Medavakkam South New Lane is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for Medavakkam South New Lane?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 50,00,000, the total fees would amount to Rs 4,50,000.