Guideline Value for Mir Madan Ali Street

Mir Madan Ali Street guideline value

The current guideline value of Mir Madan Ali Street is Rs 7,100 per sq.ft. This street is located in Egmore village, under the Periamet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mir Madan Ali Street has changed

The guideline value for Mir Madan Ali Street has seen several revisions over the years. In 2002, the value was Rs 601 per sq.ft, which increased to Rs 663 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,000 per sq.ft in 2007. The value then jumped to Rs 6,500 per sq.ft in 2012, before decreasing to Rs 4,355 per sq.ft in 2017. The most recent revisions show an increase to Rs 6,500 per sq.ft in 2023, and the current guideline value is Rs 7,100 per sq.ft from the 2024 revision, effective from 1 July 2024.

In terms of percentage changes, the guideline value increased by 9% from 2023 to 2024. From 2017 to 2023, it rose by 49%. However, there was a decrease of 33% from 2012 to 2017. The value saw a remarkable increase of 550% from 2007 to 2012, and from 2003 to 2007, it increased by 51%. The increase from 2002 to 2003 was 10%. Overall, from 2002 to 2024, the guideline value has increased by 1081%.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value is Rs 7,100 per sq.ft, which is the same as the guideline value for Mir Madan Ali Street.

• Mir Ashik Hussain Street: Rs 3,900 per sq.ft (2024)
• Montieth Lane: Rs 13,400 per sq.ft (2024)
• Montieth Road: Rs 13,400 per sq.ft (2024)
• Motharappa Venkatasamy Street: Rs 7,100 per sq.ft (2024)
• Mothibaba Lane: Rs 13,400 per sq.ft (2024)
• Meeran Sahib Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mir Madan Ali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mir Madan Ali Street?

The Sub Registrar Office that covers Mir Madan Ali Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

When buying or selling property in Egmore, the guideline value is used as a benchmark for calculating stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations during property transactions.

The guideline value serves as a reference point for property transactions, ensuring that the sale price is aligned with the official valuation set by the government. This helps maintain transparency in the real estate market and aids in the proper assessment of taxes due at the time of registration.

Frequently asked questions

What is the current guideline value of Mir Madan Ali Street?

The current guideline value of Mir Madan Ali Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 601 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1081% over this period.

What are the stamp duty and registration fees for property in Mir Madan Ali Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 6,39,000, based on the current guideline value.

Which Sub Registrar Office covers Mir Madan Ali Street?

The Periamet Sub Registrar Office covers Mir Madan Ali Street, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification of Mir Madan Ali Street?

Mir Madan Ali Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.