Guideline Value for NORTH MADA STREET

North Mada Street guideline value

The current guideline value of North Mada Street is Rs 3,700 per sq.ft, effective from 1 July 2024. This street is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and falls under the Mixed Special Type - II land classification.

How the guideline value of North Mada Street has changed

The guideline value for North Mada Street has seen significant changes over the years. In 2002, the guideline value was Rs 416 per sq.ft, which increased to Rs 488 per sq.ft in 2003, marking a 17% rise. The value continued to rise to Rs 1,100 per sq.ft in 2007, a substantial increase of 125%. The 2012 revision saw the guideline value at Rs 3,400 per sq.ft, which was a notable jump of 209% from the previous figure. However, in 2017, the value decreased to Rs 2,278 per sq.ft, reflecting a decline of 33%. The guideline value then rose again to Rs 3,400 per sq.ft in 2023, before reaching the current value of Rs 3,700 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 789%. There are no figures available for the revisions in years other than those listed.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing North Mada Street's 2024 figure above that median.

• North Railway Station Road: Rs 3,300 per sq.ft (2024)
• Ondikuppam: Rs 2,150 per sq.ft (2024)
• Othavadai Street: Rs 3,300 per sq.ft (2024)
• Nethaji Nagar /Streets: Rs 3,300 per sq.ft (2024)
• Nellikkaran Street: Rs 3,300 per sq.ft (2024)
• Palagai Thotti Kuppam: Rs 2,150 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value would be Rs 37,00,000. The stamp duty at 7% would amount to Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, bringing the total charges to Rs 3,33,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Mada Street?

The Sub Registrar Office that covers North Mada Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thiruvottiyur. It serves as a benchmark for determining the minimum value of a property, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When a property transaction occurs, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are fairly assessed.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada Street is Rs 3,700 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 416 in 2002 to Rs 3,700 in 2024, with various increases and decreases over the years.

What is the land classification for North Mada Street?

North Mada Street falls under the Mixed Special Type - II land classification.

What are the stamp duty and registration fees for property in North Mada Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 37,00,000, with stamp duty at Rs 2,59,000 and registration fees at Rs 74,000, totaling Rs 3,33,000.

Where is the Sub Registrar Office for North Mada Street located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.