Guideline Value for Union Road

Union Road guideline value

The current guideline value of Union Road in Kodungaiyur village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Union Road has changed

The guideline value for Union Road has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly to Rs 2,700 per sq.ft, representing a rise of 61%.

Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is the same as the current guideline value for Union Road.

• Union Carbide Employees Co-optex Colony: Rs 2,700 per sq.ft (2024)
• Union Carbide Colony 9th Street: Rs 2,700 per sq.ft (2024)
• Union Carbide Colony 8th Street: Rs 2,700 per sq.ft (2024)
• Union Carbide Colony 7th Street: Rs 2,700 per sq.ft (2024)
• Union Carbide Colony 6th Street: Rs 2,700 per sq.ft (2024)
• Union Carbide Colony 5th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Union Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Union Road?

The Sub Registrar Office that covers Union Road is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value serves as a benchmark for the transaction value. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Union Road?

The current guideline value of Union Road is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,700 per sq.ft in 2024. This represents a decrease of 33% from 2012 to 2017, followed by a 61% increase from 2017 to 2024.

What is the land classification for Union Road?

Union Road is classified as Residential Class I Type - I under the Madhavaram SRO.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties on Union Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 1,89,000.