Guideline Value for SOUTH MADA STREET 'BHARATHI NAGAR'

South Mada Street 'bharathi Nagar' guideline value

The current guideline value for South Mada Street 'bharathi Nagar' in Padi village, under the Villivakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - III land classification.

How the guideline value of South Mada Street 'bharathi Nagar' has changed

The guideline value for South Mada Street 'bharathi Nagar' has seen several revisions over the years. In 2012, the value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value rose significantly to Rs 4,000 per sq.ft in 2023, and then to Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the increase was 49%, while the overall change from 2012 to 2024 reflects a 10% rise. The fluctuations in the guideline value illustrate the changes in the real estate landscape over the years.

Guideline values in Padi

Within Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. South Mada Street 'bharathi Nagar' has a guideline value that is above this median.

• South Mada Street: Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 1st Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 2nd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 3rd Street': Rs 4,400 per sq.ft (2024)
• Soundarya Colony: Rs 8,700 per sq.ft (2024)
• Sri Balaji Nagar (S.No.226): Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in South Mada Street 'bharathi Nagar'

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, charged at 7%, would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that 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 South Mada Street 'bharathi Nagar'?

The Sub Registrar Office that covers South Mada Street 'bharathi Nagar' is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are based on a standardized valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value, as it impacts the overall transaction costs. Buyers and sellers should consult the latest guideline values to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value for South Mada Street 'bharathi Nagar'?

The current guideline value for South Mada Street 'bharathi Nagar' is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for South Mada Street 'bharathi Nagar'?

South Mada Street 'bharathi Nagar' falls under Residential Class III Type - III land classification.

Where can I find the Sub Registrar Office for this area?

The Villivakkam Sub Registrar Office covers South Mada Street 'bharathi Nagar' and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Padi?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.