Guideline Value for West Mada Street

West Mada Street guideline value

The current guideline value of West Mada Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of West Mada Street has changed

Over the years, the guideline value of West Mada Street has seen significant changes. In the 2007 revision, the value was Rs 2,800 per sq.ft. It increased to Rs 6,000 per sq.ft in 2012, marking a 114% rise. However, in the 2017 revision, it dropped to Rs 4,020 per sq.ft, a decrease of 33%. The value then rose to Rs 6,000 per sq.ft in 2023, and finally, it reached Rs 6,600 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

The overall change from 2007 to 2024 shows a remarkable increase of 136%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO carrying a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, indicating that West Mada Street's 2024 figure is below this median.

• Wheat Crofts Road: Rs 10,400 per sq.ft (2024)
• Wallace Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden: Rs 9,900 per sq.ft (2024)
• Vijayalakshmi Street: Rs 7,700 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 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use 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 Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To locate your SRO, visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory when buying or selling property.

When a buyer or seller approaches the registration office, the guideline value is referred to ensure compliance with the legal requirements. The higher of the guideline value or the sale price will determine the applicable duties and fees.

Frequently asked questions

What is the current guideline value of West Mada Street?

The current guideline value of West Mada Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 136% over the years.

What are the other guideline values in Nungambakkam?

In Nungambakkam, other streets have varying guideline values, with Wheat Crofts Road at Rs 10,400 per sq.ft and Vijayalakshmi Street at Rs 7,700 per sq.ft, among others.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000, and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where can I find the Sub Registrar Office for West Mada Street?

The Sub Registrar Office for West Mada Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.