Guideline Value for South Mada Street

South Mada Street guideline value

The current guideline value of South Mada Street in Nandhambakkam village, under the Alandur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of South Mada Street has changed

The guideline value for South Mada Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 1,000 per sq.ft. This value increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, followed by the current value of Rs 3,300 per sq.ft from the 2024 revision, reflecting a 10% increase.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Nandhambakkam

In Nandhambakkam, there are 76 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 8,300 per sq.ft, with a median value of Rs 3,900 per sq.ft. South Mada Street's 2024 figure is below this median.

• South Mada Veedhi: Rs 3,300 per sq.ft (2024)
• Seven Well Street: Rs 5,500 per sq.ft (2024)
• Seven Well 2nd Street: Rs 5,500 per sq.ft (2024)
• Seven Well 1st Street: Rs 5,500 per sq.ft (2024)
• Sundar Nagar 2nd Avenue: Rs 5,500 per sq.ft (2024)
• Sundar Nagar 2nd Cross Street: Rs 5,500 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. 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 Sub Registrar Office that covers South Mada Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nandhambakkam. It determines the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the guideline value as it can significantly impact the overall cost of the transaction. Buyers and sellers should ensure they are informed about the current guideline values to avoid any unexpected expenses during registration.

Frequently asked questions

What is the current guideline value of South Mada Street?

The current guideline value of South Mada Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 230%.

What is the land classification for South Mada Street?

South Mada Street falls under the Residential Class II Type - II land classification.

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

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which office handles property registration for South Mada Street?

The Alandur Sub Registrar Office handles property registration for South Mada Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.