Guideline Value for SOUTH MADA STREET

South Mada Street guideline value

The current guideline value of South Mada Street in Padi village, under the Villivakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - III.

How the guideline value of South Mada Street has changed

The guideline value of South Mada Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 333 per sq.ft. This increased to Rs 375 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 530 per sq.ft in 2007, reflecting a 41% increase. The 2012 revision set the value at Rs 4,000 per sq.ft, which was a significant 655% increase from the previous figure.

In the following years, the guideline value experienced a decline, dropping to Rs 2,680 per sq.ft in 2017, which represented a 33% decrease. However, the value rebounded to Rs 4,000 per sq.ft in 2023, and then further increased to the current value of Rs 4,400 per sq.ft in 2024, a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1221%.

Guideline values in Padi

In 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's current guideline value is above this median.

• South Mada Street 'bharathi Nagar': 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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Mada Street?

The Sub Registrar Office that covers South Mada Street 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 further assistance.

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

The guideline value is a critical reference point during property transactions in Padi. It is used to determine the stamp duty and registration fees that are applicable when a property is bought or sold. The guideline value must be considered to ensure compliance with local regulations.

When a buyer or seller approaches the registration office, the guideline value is compared to the sale price of the property. The higher of the two values will be used to calculate the applicable duties and fees, ensuring that the transaction is recorded accurately in the official records.

Frequently asked questions

What is the current guideline value of South Mada Street?

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

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 333 per sq.ft to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1221%.

What is the land classification for South Mada Street?

South Mada Street is classified as Residential Class III Type - III, indicating the type of development permitted in the area.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for South Mada Street located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.