Guideline Value for South Mada Street

South Mada Street guideline value

The current guideline value of South Mada Street in Mannivakkam village is Rs 940 per sq.ft, effective from 1 July 2024. This street falls under the Gooduvancheri SRO and is classified as Residential Class I Type - I.

How the guideline value of South Mada Street has changed

The guideline value for South Mada Street has undergone several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 850 per sq.ft in 2012. However, it saw a decrease to Rs 569 per sq.ft in 2017. The value rose again to Rs 850 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 940 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a notable increase of 49%, while the jump from 2023 to 2024 reflects an 11% rise. The overall increase from the 2007 figure to the current 2024 value is 276%, highlighting significant changes in the guideline value over the years.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 330 to Rs 4,300 per sq.ft. The median value for these streets is Rs 1,215 per sq.ft, indicating that South Mada Street's 2024 figure is below this median.

• Sivapriya Avenue: Rs 990 per sq.ft (2024)
• Sri Ananthanathan Nagar: Rs 990 per sq.ft (2024)
• Sivan Koil West Mada Veethi: Rs 990 per sq.ft (2024)
• Sivan Koil South Mada Veethi: Rs 990 per sq.ft (2024)
• Sivan Koil North Mada Veethi: Rs 990 per sq.ft (2024)
• Sivan Koil East Mada Veethi: Rs 990 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 940 per sq.ft, the total guideline value amounts to Rs 9,40,000. The stamp duty, calculated at 7%, would be Rs 65,800, and the registration fee at 2% would be Rs 18,800, bringing the total cost for these fees to Rs 84,600. It is important to note that the 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?

The South Mada Street is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Mannivakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the fees are based on a standardized value set by the government rather than the negotiated sale price.

When selling property, the guideline value helps both buyers and sellers understand the minimum value that will be recognized for registration purposes. This can influence the negotiation process, as parties may refer to the guideline value to justify their pricing.

Frequently asked questions

What is the current guideline value of South Mada Street?

The current guideline value of South Mada Street is Rs 940 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 940 per sq.ft in 2024, showing an overall increase of 276% over the years.

What are the stamp duty and registration fees for property in South Mada Street?

For a 1,000 sq.ft plot, the stamp duty would be Rs 65,800, and the registration fee would be Rs 18,800, totaling Rs 84,600 based on the current guideline value.

Which office handles registrations for South Mada Street?

The Gooduvancheri Sub Registrar Office handles registrations for South Mada Street, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202.

What is the land classification for South Mada Street?

South Mada Street is classified as Residential Class I Type - I, indicating its suitability for residential development.