Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street in Thiruneermalai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pammal SRO and is classified as Residential Class I Type - II.

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 2003, the value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007. The 2017 revision marked a substantial jump to Rs 1,340 per sq.ft, followed by a rise to Rs 2,000 per sq.ft in 2023. The current revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Between the revisions, there were notable percentage changes: from 2003 to 2007, the increase was 12%; from 2007 to 2017, it surged by 283%; and from 2017 to 2023, it rose by 49%. Overall, from 2003 to 2024, the guideline value has increased by 605%. The register does not have figures for the years 2002 and 2012 for this street.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, placing North Mada Street's value below this median.

• North Kulakarai Street: Rs 2,200 per sq.ft (2024)
• N.S.K. Salai: Rs 2,200 per sq.ft (2024)
• Nehru Street / Lakshmipuram: Rs 2,860 per sq.ft (2024)
• Nehru Street: Rs 2,420 per sq.ft (2024)
• Neervannan Street 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street 1st Cross Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee is 2%, amounting to Rs 44,000. Together, these fees total Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers North Mada Street?

The Sub Registrar Office that covers North Mada Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Thiruneermalai, the guideline value is a crucial factor in determining the registration fees and stamp duty payable. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

It is important for buyers and sellers to be aware of the current guideline value as it influences the overall cost of property transactions. Proper understanding of these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada 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 has increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605% over this period.

What are the stamp duty and registration fees for properties on North Mada Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which Sub Registrar Office is responsible for North Mada Street?

The Pammal Sub Registrar Office covers North Mada Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for North Mada Street?

North Mada Street is classified as Residential Class I Type - II, indicating its suitability for residential development.