Guideline Value for West Main Road

West Main Road guideline value

The current guideline value of West Main Road in Madambakkam village, under the Selaiyur SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of West Main Road has changed

The guideline value for West Main Road has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. However, this figure dropped to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. The most recent revision in 2024 increased the value to Rs 1,600 per sq.ft, representing a significant rise of 59% from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, there has been a slight increase of 7% in the guideline value. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, indicating that the guideline value for West Main Road is below this median.

• West Mada Street: Rs 2,750 per sq.ft (2024)
• V.Santha Nagar: Rs 3,800 per sq.ft (2024)
• Yashwanth Nagar: Rs 2,750 per sq.ft (2024)
• Yashwanth Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Yashwanth Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Yashwanth Nagar 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in West Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000. Together, the total fees would be Rs 1,44,000. 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 more detailed calculations.

Which Sub Registrar Office covers West Main Road?

The Sub Registrar Office covering West Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected by the government. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of West Main Road?

The current guideline value of West Main Road is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has experienced fluctuations, starting at Rs 1,500 per sq.ft in 2012, dropping to Rs 1,005 per sq.ft in 2017, and finally rising to Rs 1,600 per sq.ft in 2024.

What is the land classification for West Main Road?

West Main Road is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.