Guideline Value for North Mada Street (Extention)

North Mada Street (Extention) guideline value

The current guideline value of North Mada Street (Extention) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of North Mada Street (Extention) has changed

The guideline value for North Mada Street (Extention) has undergone several revisions over the years. In 2007, the guideline value was Rs 2,800 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012, marking a significant rise of 114%. However, between 2012 and 2017, the value decreased to Rs 4,020 per sq.ft, a drop of 33%. The value then increased to Rs 6,000 per sq.ft in 2023, followed by a further increase to Rs 6,600 per sq.ft in 2024, reflecting a 10% rise.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, from 2007 to 2024, there has been a total increase of 136%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing North Mada Street's 2024 figure below this median.

• North Mada Street: Rs 6,600 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 1st Lane: Rs 7,700 per sq.ft (2024)
• Nungambakkam High Road 1st Lane: Rs 9,900 per sq.ft (2024)
• New Tank Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Street (Extention)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North Mada Street (Extention)?

The Sub Registrar Office that covers North Mada Street (Extention) is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering a property in Nungambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating taxes and fees. It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of North Mada Street (Extention)?

The current guideline value of North Mada Street (Extention) 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 from Rs 2,800 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 136% over the years.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers this area?

The Chennai Central Joint II Sub Registrar Office covers North Mada Street (Extention), located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for North Mada Street (Extention)?

The land classification for North Mada Street (Extention) is Residential Class III Type - I.