Guideline Value for North Madaveethi

North Madaveethi guideline value

The current guideline value of North Madaveethi is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village, under the Konnur SRO, and is classified as Residential Class I Type - I.

How the guideline value of North Madaveethi has changed

The guideline value for North Madaveethi has undergone several revisions over the years. In 2002, the guideline value was Rs 403 per sq.ft, which increased to Rs 437 per sq.ft in 2003, marking an 8% rise. By 2007, the value saw a significant jump to Rs 800 per sq.ft, reflecting an increase of 83%. This was followed by a remarkable increase to Rs 5,000 per sq.ft in 2012, which was a 525% rise. However, the value decreased to Rs 3,350 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value was revised to Rs 5,000 per sq.ft, which then increased to Rs 5,500 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1265%.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing North Madaveethi's 2024 figure above this median.

• North Redhills Road: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Third Prathna Salai: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Second Prathna Salai: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Second Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar I Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar First Prathna Salai: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in North Madaveethi

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. Duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North Madaveethi?

The Sub Registrar Office covering North Madaveethi is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Konnur. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of North Madaveethi?

The current guideline value of North Madaveethi is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 403 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1265% over the years.

What is the median guideline value for streets in Konnur?

The median guideline value for streets in Konnur is Rs 3,800 per sq.ft, with North Madaveethi's 2024 figure being above this median.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where can I find the Sub Registrar Office for North Madaveethi?

The Sub Registrar Office for North Madaveethi is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.