Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of North Mada Street has changed

Over the years, the guideline value of North Mada Street has seen several revisions. The 2007 revision set the value at Rs 800 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this value decreased by 33% to Rs 2,010 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 3,000 per sq.ft, and the most recent revision in 2024 saw a further increase to Rs 3,300 per sq.ft, marking a 10% rise.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. The overall change from the 2007 revision to the 2024 revision shows an increase of 313% in the guideline value.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. North Mada Street's 2024 figure of Rs 3,300 per sq.ft is below this median.

• N.S.C. Bose Street: Rs 2,200 per sq.ft (2024)
• Nithyanandam Street: Rs 4,100 per sq.ft (2024)
• N.S. Krishnan Street (Dr. Kanu Nagar 12th St): Rs 2,200 per sq.ft (2024)
• Oomaidurai Street: Rs 3,300 per sq.ft (2024)
• Otha vadai Street: Rs 3,300 per sq.ft (2024)
• Ottar Palayam 10th Street: Rs 4,400 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, 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 Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

It is crucial for buyers to be aware of the guideline value when purchasing property, as it affects the overall cost of the transaction, including additional fees. Understanding the current guideline value helps ensure that buyers are making informed decisions during the property buying process.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 313% over the years.

What is the land classification of North Mada Street?

North Mada Street is classified as Residential Class IV Type - II.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for North Mada Street?

The Ashok Nagar Sub Registrar Office handles registrations for North Mada Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.