Guideline Value for WEST MADA STREET

West Mada Street guideline value

The current guideline value of West Mada Street, located in Puliyur village under the Kodambakkam SRO, is Rs 5,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of West Mada Street has changed

The guideline value for West Mada Street has seen several revisions over the years. In 2002, the value was set at Rs 637 per sq.ft. This increased to Rs 700 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 1,300 per sq.ft in 2007, which was a substantial 86% jump. However, the value dropped to Rs 4,900 per sq.ft in 2012, reflecting a decrease of 33%. In 2017, the value was revised again to Rs 3,283 per sq.ft, which represented a 49% increase from the previous revision. The most recent revision in 2023 set the value at Rs 4,900 per sq.ft, before it rose to the current rate of Rs 5,300 per sq.ft in 2024, an 8% increase.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median value for these streets is Rs 5,800 per sq.ft, placing West Mada Street's current guideline value below this median.

• West Namasivayapuram 1st Street: Rs 3,800 per sq.ft (2024)
• West Namasivayapuram 2nd Street: Rs 3,800 per sq.ft (2024)
• West Namasivayapuram 3rd Street: Rs 3,800 per sq.ft (2024)
• West Namasivayapuram 4th Street: Rs 3,800 per sq.ft (2024)
• West Namasivayapuram 5th Street: Rs 3,800 per sq.ft (2024)
• West Namasivayapuram 6th Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in West Mada Street

For a 1,000 sq.ft plot at the current rate of Rs 5,300 per sq.ft, the guideline value amounts to Rs 53,00,000. The stamp duty at 7% would be Rs 3,71,000, and the registration fee at 2% would be Rs 1,06,000, bringing the total to Rs 4,77,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers West Mada Street?

The Sub Registrar Office that covers West Mada Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Puliyur. It is used as a basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of West Mada Street?

The current guideline value of West Mada Street is Rs 5,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 637 per sq.ft in 2002 to Rs 5,300 per sq.ft in 2024, reflecting an overall increase of 732% across the years.

What is the land classification for West Mada Street?

West Mada Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

How does the guideline value affect property transactions?

The guideline value is used to calculate stamp duty and registration fees during property transactions. It is important for buyers and sellers to be aware of this value to ensure compliance with legal requirements.

Where is the Sub Registrar Office for West Mada Street located?

The Sub Registrar Office for West Mada Street is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.