Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street 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 has changed

The guideline value for North Mada Street has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012. However, this figure decreased to Rs 4,020 per sq.ft in 2017. Following a significant increase, the value rose to Rs 6,000 per sq.ft in 2023 and is currently set at Rs 6,600 per sq.ft as of the 2024 revision. The overall change from 2007 to 2024 is an increase of 136%.

Between the revisions, the changes are as follows: from 2007 to 2012, there was an increase of 114%; from 2012 to 2017, the value decreased by 33%; from 2017 to 2023, there was a notable increase of 49%; and finally, from 2023 to 2024, the value increased by 10%. 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, with a median value of Rs 8,800 per sq.ft. The guideline value for North Mada Street is below this median.

• North Mada Street (Extention): 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)
• New Tank Street: Rs 7,700 per sq.ft (2024)
• Nungambakkam High Road 1st Lane: Rs 9,900 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 rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to 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 precise calculations based on your property details.

Which Sub Registrar Office covers North Mada Street?

The Sub Registrar Office that covers North Mada Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for buyers and sellers to ensure compliance with legal requirements during property transactions. It helps in assessing the financial obligations associated with the purchase or sale of real estate in the area.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada Street 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, marking an overall increase of 136%.

What are the other streets with guideline values in Nungambakkam?

Other streets in Nungambakkam include North Mada Street (Extention) at Rs 6,600 per sq.ft, Noor Veerasamy Street at Rs 7,700 per sq.ft, and Nungambakkam High Road 1st Lane at Rs 9,900 per sq.ft, among others.

What is the stamp duty for properties on North Mada Street?

The stamp duty for properties on North Mada Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for North Mada Street?

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