Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - III land classification.

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 2002, the value was Rs 400 per sq.ft, which increased to Rs 463 per sq.ft in 2003, marking a 16% rise. The value continued to rise to Rs 800 per sq.ft in 2007, reflecting a 73% increase. By 2012, the value reached Rs 3,100 per sq.ft, showing a substantial 288% increase from the previous revision. However, it then decreased to Rs 2,077 per sq.ft in 2017, a decline of 33% from 2012. The value rebounded to Rs 3,100 per sq.ft in 2023 and finally increased to Rs 3,400 per sq.ft in 2024, representing a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 750%. There are no figures available for the revisions of years not mentioned in the register for this street.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median value is Rs 3,400 per sq.ft, which is equal to the current value of North Mada Street.

• North Lane: Rs 3,400 per sq.ft (2024)
• North Pattai: Rs 3,400 per sq.ft (2024)
• North PRAGARAM Street: Rs 3,400 per sq.ft (2024)
• New Street: Rs 3,900 per sq.ft (2024)
• Ottravadai Street: Rs 3,400 per sq.ft (2024)
• Padmanabhan colony: Rs 3,400 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 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty, charged at 7%, would amount to Rs 2,38,000, while the registration fee at 2% would be Rs 68,000. Together, the total cost for stamp duty and registration would be Rs 3,06,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Mada Street?

The Sub Registrar Office covering North Mada Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Satthankadu. It determines the minimum value at which the property must be registered, affecting the stamp duty and registration fees payable.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada Street is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 750% over the years.

What is the land classification for North Mada Street?

North Mada Street falls under the Residential Special Type - III land classification.

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

The Sub Registrar Office for North Mada Street is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the 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, a 1,000 sq.ft plot at Rs 3,400 per sq.ft would incur a stamp duty of Rs 2,38,000.