Guideline Value for South Mada Street

South Mada Street guideline value

The current guideline value of South Mada Street, located in Nungambakkam village, is Rs 6,600 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of South Mada Street has changed

The guideline value for South Mada Street has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012. However, this figure dropped to Rs 4,020 per sq.ft in 2017. The 2023 revision set the value at Rs 6,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 136%. The revisions for 2002 and 2003 have no figures listed for this street in the register.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for South Mada Street is below this median.

• Sivaganga Road: Rs 9,300 per sq.ft (2024)
• Shenoy Road: Rs 8,800 per sq.ft (2024)
• Shafi Mohammed Street: Rs 9,900 per sq.ft (2024)
• Selvam Nagar: Rs 7,700 per sq.ft (2024)
• Seetha Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Seetha Nagar 4th Street: Rs 6,600 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using 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 Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction reflects a fair value.

When buying or selling property, the guideline value will influence the stamp duty and registration fees that need to be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of South Mada Street?

The current guideline value of South Mada Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 136% over the years.

What is the land classification for South Mada Street?

South Mada Street is classified as Residential Class III Type - I under the Chennai Central Joint II SRO.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

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

The Sub Registrar Office for South Mada Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.