Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street in Tondaiarpet village, under the Royapuram SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - I.

How the guideline value of North Mada Street has changed

The guideline value of North Mada Street has seen significant changes over the years. In the 2007 revision, the value was Rs 900 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012, marking a substantial rise of 289%. However, in the 2017 revision, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The current guideline value is Rs 3,800 per sq.ft as per the 2024 revision, which represents an increase of 62% from the 2017 figure.

It is important to note that the register does not have figures for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 322%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft as of 2024. The median guideline value in the village is Rs 1,600 per sq.ft, indicating that North Mada Street's 2024 figure of Rs 3,800 per sq.ft is above this median.

• North Mada Street Extension: Rs 3,800 per sq.ft (2024)
• North MadaKoil Street: Rs 3,800 per sq.ft (2024)
• North Railway Eriyuttu street: Rs 1,300 per sq.ft (2024)
• North Railway Terminal salai (Harbour Area): Rs 1,300 per sq.ft (2024)
• North Terminus Road: Rs 1,600 per sq.ft (2024)
• New Vinoba Nagar 3rd street: Rs 1,300 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 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. It is important to note that 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 more accurate calculations based on your specific property details.

Which Sub Registrar Office covers North Mada Street?

The Sub Registrar Office covering North Mada Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration of properties in Tondaiarpet. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price of a property.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, depending on which is higher. This ensures that the government receives appropriate revenue from property transactions 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 3,800 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 900 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, an overall increase of 322%.

What is the classification of North Mada Street?

North Mada Street is classified as Commercial Class I Type - I under the guideline value register.

Where can I find the Royapuram Sub Registrar Office?

The Royapuram Sub Registrar Office is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in North Mada Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000.