Guideline Value for South Mada Street

South Mada Street guideline value

The current guideline value of South Mada Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

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 2002, the guideline value was Rs 738 per sq.ft, which increased to Rs 806 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,250 per sq.ft in 2007, and then doubled to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017 before climbing to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 273%. The register has no figures for the years not mentioned above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. South Mada Street's 2024 figure is below this median.

• South Perumal Koil Lane: Rs 7,700 per sq.ft (2024)
• Sollaiappan Street: Rs 3,300 per sq.ft (2024)
• S.K.Babu Street: Rs 3,300 per sq.ft (2024)
• Shanthi Nagar: Rs 4,950 per sq.ft (2024)
• Sethu Street: Rs 3,850 per sq.ft (2024)
• Senghalvarayan Street: Rs 3,300 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total fees together Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded accurately. This value helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of South Mada Street?

The current guideline value of South Mada Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 738 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 273% over this period.

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

For a property valued at the current guideline value of Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for South Mada Street?

The registration for South Mada Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for South Mada Street?

South Mada Street is classified as Residential Class III Type - II, indicating its designation for residential use within the area.