Guideline Value for WEST MADA STREET

West Mada Street guideline value

The current guideline value of West Mada Street, located in Thiruvottiyur village under the Thiruvottiyur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - I land classification.

How the guideline value of West Mada Street has changed

The guideline value of West Mada Street has seen significant changes over the years. In 2002, the value was Rs 422 per sq.ft, which increased to Rs 495 per sq.ft in 2003, marking a 17% rise. The value continued to climb to Rs 900 per sq.ft in 2007, reflecting an 82% increase. By 2012, the value was Rs 3,000 per sq.ft, indicating a substantial 233% increase from the previous revision. However, in 2017, it dropped to Rs 2,010 per sq.ft, which was a decrease of 33% from 2012.

From 2017 to 2023, the value rose significantly to Rs 3,000 per sq.ft, a 49% increase. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, representing a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 682%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value of West Mada Street.

• West Kulakkarai Street: Rs 3,700 per sq.ft (2024)
• V.O.C. Nagar: Rs 1,900 per sq.ft (2024)
• Vivekanandan Street: Rs 3,700 per sq.ft (2024)
• Vinayagapuram: Rs 2,800 per sq.ft (2024)
• Village Street: Rs 3,700 per sq.ft (2024)
• Verkadalai Cheri: Rs 2,150 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 guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fees would be Rs 2,97,000. It is important to note that the 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 West Mada Street?

The Sub Registrar Office that covers West Mada Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Thiruvottiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of a property. Buyers and sellers must be aware that these costs are based on the guideline value or the sale price, whichever is higher.

When you buy or sell property, the guideline value helps ensure that the transaction is recorded accurately in the government records. It also aids in the assessment of taxes and fees associated with the property transfer, making it essential for all parties involved to understand the current guideline value.

Frequently asked questions

What is the current guideline value of West Mada Street?

The current guideline value of West Mada Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 422 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 682% over the years.

What is the land classification of West Mada Street?

West Mada Street is classified as Residential Special Type - I under the land classification system.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in West Mada Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a guideline value of Rs 33,00,000, leading to a stamp duty of Rs 2,31,000 at 7%.