Guideline Value for North Mada Street

North Mada Street guideline value

The current guideline value of North Mada Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam Sub Registrar Office (SRO) and falls under the Residential Class II Type - II land classification.

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 2003, the guideline value was Rs 800 per sq.ft, which increased to Rs 925 per sq.ft in 2007. Following this, there was a significant rise to Rs 3,500 per sq.ft in 2012, but it then decreased to Rs 2,345 per sq.ft in 2017. The value rose again to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024. Notably, the register has no figure for this street for the year 2002.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The overall change from 2003 to 2024 is a substantial increase of 381%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing North Mada Street's 2024 figure below this median.

• N.G.O.Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• N.G.O.Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• N.G.O.Colony 1st Street: Rs 4,400 per sq.ft (2024)
• N.S.K. Street: Rs 9,900 per sq.ft (2024)
• Palaniandavar Koil Sannadi Street: Rs 5,500 per sq.ft (2024)
• Palaniandavar Koil Street: Rs 5,500 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500 for both fees. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller engages in a transaction, the guideline value helps ensure that the property is registered at a value that reflects its worth according to government standards. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of North Mada Street?

The current guideline value of North Mada Street is Rs 3,850 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 2003 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 381% over the years.

What is the stamp duty for property in North Mada Street?

The stamp duty for property in North Mada Street is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.

Which office handles property registrations for North Mada Street?

The Virugambakkam Sub Registrar Office handles property registrations for North Mada Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of North Mada Street?

North Mada Street is classified under Residential Class II Type - II, which affects the guideline value and other property-related regulations.