Guideline Value for West Mada Street

West Mada Street guideline value

The current guideline value of West Mada Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

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 Rs 329 per sq.ft, which increased to Rs 381 per sq.ft in 2003. The subsequent revisions showed a significant rise, with the value reaching Rs 600 per sq.ft in 2007, followed by a substantial jump to Rs 3,100 per sq.ft in 2012. However, this figure dropped to Rs 2,077 per sq.ft in 2017, before climbing to Rs 3,100 per sq.ft in 2023, and finally reaching Rs 3,400 per sq.ft in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The most significant change occurred from 2007 to 2012, where the value surged by 417%. Overall, from 2002 to 2024, the guideline value has increased by 933%. The register has no figure for the revisions in years other than those listed.

Guideline values in Satthankadu

In Satthankadu village, there are 71 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median value is Rs 3,400 per sq.ft, which is equal to the current guideline value of West Mada Street.

• Y.M.C.A. Street: Rs 3,400 per sq.ft (2024)
• V.O.C Streets: Rs 3,400 per sq.ft (2024)
• Vivekanadan street: Rs 3,400 per sq.ft (2024)
• Village Street: Rs 3,400 per sq.ft (2024)
• Veera raghavan street: Rs 3,400 per sq.ft (2024)
• Vasantha Nagar: Rs 3,900 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 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty at 7% would amount to Rs 2,38,000, while the registration fee at 2% would be Rs 68,000. Together, the total cost for stamp duty and registration fee would be Rs 3,06,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further details, you can use the stamp duty and registration fee calculator.

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 Satthankadu

The guideline value plays a crucial role in the registration process when buying or selling property in Satthankadu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for West Mada Street?

The current guideline value for West Mada Street is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 329 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, with various revisions reflecting increases and decreases at different intervals.

What is the land classification for West Mada Street?

West Mada Street is classified as Residential Special Type - III, indicating its suitability for residential development.

Where can I calculate stamp duty and registration fees?

You can calculate stamp duty and registration fees using the stamp duty and registration fee calculator available online.

Which office handles property registrations for West Mada Street?

The Thiruvottiyur Sub Registrar Office handles property registrations for West Mada Street, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.