Guideline Value for Medavakkam Tank Road

Medavakkam Tank Road guideline value

The current guideline value of Medavakkam Tank Road is Rs 6,600 per sq.ft, effective from 1 July 2024. This road is located in Ayanavaram village and falls under the AnnaNagar SRO. The land classification for this area is Mixed Type - III.

How the guideline value of Medavakkam Tank Road has changed

The guideline value for Medavakkam Tank Road has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 2,500 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in the 2012 revision, representing a 140% rise. However, in the 2017 revision, the value decreased to Rs 4,020 per sq.ft, marking a decline of 33%. The value then rose again to Rs 6,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 6,600 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 164%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with guideline values for 2024 ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing the 2024 figure for Medavakkam Tank Road above this median.

• M Block 9th Street: Rs 11,000 per sq.ft (2024)
• M Block 10 Street: Rs 11,000 per sq.ft (2024)
• Mettu Street: Rs 5,500 per sq.ft (2024)
• Market Road: Rs 4,900 per sq.ft (2024)
• Mettu Street Lane: Rs 3,800 per sq.ft (2024)
• M.G.R. Street, Chennai 82: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Medavakkam Tank Road

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. 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 Tank Road?

The Sub Registrar Office that covers Medavakkam Tank Road is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ayanavaram. It is used to determine the stamp duty and registration fees payable when buying or selling property. The guideline value is assessed periodically and reflects the market conditions for the area.

When registering a property, buyers must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate taxes on property transactions.

Frequently asked questions

What is the current guideline value of Medavakkam Tank Road?

The current guideline value of Medavakkam Tank Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the 2024 revision showing an increase to Rs 6,600 per sq.ft from Rs 6,000 per sq.ft in 2023. The overall increase from 2007 to 2024 is 164%.

What is the land classification for Medavakkam Tank Road?

The land classification for Medavakkam Tank Road is Mixed Type - III, which indicates the type of development permitted in the area.

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

The Sub Registrar Office for Medavakkam Tank Road is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Ayanavaram?

Stamp duty for properties in Ayanavaram is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.