Guideline Value for Mylai Karpagambal Nagar 3rd Street

Mylai Karpagambal Nagar 3rd Street guideline value

The current guideline value of Mylai Karpagambal Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Mylai Karpagambal Nagar 3rd Street has changed

The guideline value for Mylai Karpagambal Nagar 3rd Street has seen several revisions over the years. The 2023 revision set the value at Rs 2,000 per sq.ft, which increased by 10% to Rs 2,200 per sq.ft in the 2024 revision. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

In summary, the only figures available for Mylai Karpagambal Nagar 3rd Street are from the 2023 and 2024 revisions, showing a clear upward adjustment in the guideline value from Rs 2,000 to Rs 2,200 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft, where the median value is Rs 2,750 per sq.ft. Mylai Karpagambal Nagar 3rd Street's 2024 guideline value is below this median.

• Mylai Karpagambal Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Mylai Karpagambal Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Mylai Kabaleeswarar Colony layout 2nd Street: Rs 3,850 per sq.ft (2024)
• Mylai Kabaleeswarar Colony layout 1st Street: Rs 3,850 per sq.ft (2024)
• Mylai Kabaleeswarar Colony layout: Rs 3,850 per sq.ft (2024)
• Muthu Mohammed Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mylai Karpagambal Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 22,00,000, the stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mylai Karpagambal Nagar 3rd Street?

The Mylai Karpagambal Nagar 3rd Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. 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 a property, the guideline value must be considered alongside the sale price. The higher of the two values will determine the applicable stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Mylai Karpagambal Nagar 3rd Street?

The current guideline value of Mylai Karpagambal Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in the area is Rs 2,750 per sq.ft.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current guideline value incurs a total of Rs 1,98,000 in fees.

Which office handles registrations for Mylai Karpagambal Nagar 3rd Street?

The Velacheri Sub Registrar Office handles registrations for Mylai Karpagambal Nagar 3rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.