Guideline Value for South Mada Street

South Mada Street guideline value

The current guideline value of South Mada Street in Kovur village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of South Mada Street has changed

In the 2012 revision, the guideline value for South Mada Street was Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 saw a further increase of 10%, setting the current guideline value at Rs 1,650 per sq.ft.

The register has no figures for South Mada Street for the years 2002, 2003, and 2007. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Kovur

In Kovur, there are 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value of South Mada Street.

• S.P.E Avenue: Rs 2,630 per sq.ft (2024)
• Sree Srinivasan Nagar Extension: Rs 2,300 per sq.ft (2024)
• Sri Adhilakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Sri Adhilakshmi nagar Extn: Rs 1,650 per sq.ft (2024)
• Sri Adilkshmi Nagar Annexe: Rs 1,650 per sq.ft (2024)
• Sri Ambal Nagar: Rs 1,650 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, leading to a total of Rs 1,48,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Kovur. It is used to determine the stamp duty and registration fees that are applicable during the registration process. Buyers should be aware that the guideline value may influence the overall cost of property transactions.

When registering a property, the guideline value is referenced to calculate the necessary fees. It is essential for both buyers and sellers to understand this value to ensure compliance with local regulations and to accurately assess the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of South Mada Street?

The current guideline value of South Mada Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for South Mada Street?

South Mada Street is classified as Residential Special Type - I, indicating its use for residential purposes.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for South Mada Street?

The Kunrathur Sub Registrar Office handles registrations for South Mada Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.