Guideline Value for SOUTH MADA STEET

South Mada Steet guideline value

The current guideline value of South Mada Steet in Thiruvottiyur village under the Thiruvottiyur SRO is Rs 3,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - II.

How the guideline value of South Mada Steet has changed

The guideline value for South Mada Steet has seen several revisions over the years. In 2007, the guideline value was Rs 900 per sq.ft, which increased significantly to Rs 3,400 per sq.ft in 2012. However, there was a decrease to Rs 2,278 per sq.ft in 2017. The value then rose to Rs 3,400 per sq.ft in 2023 and currently stands at Rs 3,700 per sq.ft as of the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

Between these revisions, the changes were notable. From 2007 to 2012, the value increased by 278%, but it then dropped by 33% from 2012 to 2017. Following that, the value surged by 49% from 2017 to 2023, and there was a further increase of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 311%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the 2024 guideline value of South Mada Steet above this median.

• South Prakaram Street: Rs 3,700 per sq.ft (2024)
• Sornam Nagar: Rs 3,300 per sq.ft (2024)
• Sowndarapandiyanar Nagar: Rs 3,700 per sq.ft (2024)
• Somu Chetty Street: Rs 3,300 per sq.ft (2024)
• Somasundaram Nagar: Rs 3,700 per sq.ft (2024)
• S.P.Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in South Mada Steet

For a 1,000 sq.ft plot at the current rate of Rs 3,700 per sq.ft, the guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, bringing the total to Rs 3,33,000. 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 details.

Which Sub Registrar Office covers South Mada Steet?

The Sub Registrar Office that covers South Mada Steet is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Thiruvottiyur. It is used to determine the stamp duty and registration fees applicable during the purchase or sale of property. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with legal requirements. This value is set by the Registration Department and is updated periodically to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of South Mada Steet?

The current guideline value of South Mada Steet is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 900 per sq.ft in 2007 to Rs 3,700 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for South Mada Steet?

The land classification for South Mada Steet is Mixed Special Type - II.

Where can I find the Sub Registrar Office for South Mada Steet?

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

How is stamp duty calculated for properties in Thiruvottiyur?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. It is typically charged at 7% of the guideline value.