Guideline Value for Melandai Madaveethi Street

Melandai Madaveethi Street guideline value

The current guideline value of Melandai Madaveethi Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Kovur village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Melandai Madaveethi Street has changed

The guideline value of Melandai Madaveethi Street has seen several revisions over the years. In 2003, the guideline value was Rs 112 per sq.ft. This increased to Rs 250 per sq.ft in 2007, marking a significant rise of 123%. The value then jumped to Rs 1,500 per sq.ft in 2012, reflecting a remarkable increase of 500%. However, it decreased to Rs 1,005 per sq.ft in 2017, a drop of 33%. The next revision in 2023 saw the value rise again to Rs 1,500 per sq.ft, followed by another increase to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,373%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Kovur

Kovur village has 91 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the guideline value of Melandai Madaveethi Street.

• Menaka Nagar: Rs 1,650 per sq.ft (2024)
• Moogambigai Nagar: Rs 1,650 per sq.ft (2024)
• Moogambigai Nagar Annex: Rs 1,650 per sq.ft (2024)
• Madura Avenue: Rs 1,430 per sq.ft (2024)
• Madha Nagar: Rs 1,650 per sq.ft (2024)
• Mutharamman Nagar (or) Sri Ambal Nagar II: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Melandai Madaveethi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Melandai Madaveethi Street?

The Sub Registrar Office covering Melandai Madaveethi Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kovur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair pricing of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations regarding their property's worth during negotiations.

Frequently asked questions

What is the current guideline value of Melandai Madaveethi Street?

The current guideline value of Melandai Madaveethi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 112 per sq.ft in 2003 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,373% over the years.

What is the classification of Melandai Madaveethi Street?

Melandai Madaveethi Street is classified as Residential Special Type - I.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Melandai Madaveethi Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a plot valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.