Guideline Value for EAST MADA VEETHI

East Mada Veethi guideline value

The current guideline value of East Mada Veethi is Rs 7,160 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of East Mada Veethi has changed

The guideline value for East Mada Veethi has seen several revisions over the years. In 2002, the guideline value was Rs 955 per sq.ft. This increased to Rs 1,057 per sq.ft in 2003, marking an 11% rise. The value then rose significantly by 70% to reach Rs 1,800 per sq.ft in 2007. Following this, there was a substantial increase of 261%, bringing the value to Rs 6,500 per sq.ft in 2012. However, the value dropped by 33% to Rs 4,355 per sq.ft in 2017. The next revision in 2023 saw an increase of 49%, raising the value to Rs 6,500 per sq.ft, before the current revision in 2024, which increased it by 10% to Rs 7,160 per sq.ft.

There are no figures available for the years 2012 to 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 650%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, placing East Mada Veethi's 2024 figure below that median.

• East Sea Cross Street: Rs 12,650 per sq.ft (2024)
• East Coastal Road: Rs 12,650 per sq.ft (2024)
• Duraisamy Street: Rs 7,150 per sq.ft (2024)
• Eliots Beach Road: Rs 12,650 per sq.ft (2024)
• District Boag Road: Rs 11,000 per sq.ft (2024)
• Dharmambal Street: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in East Mada Veethi

For a 1,000 sq.ft plot at the current guideline value of Rs 7,160 per sq.ft, the total guideline value would be Rs 71,60,000. The stamp duty at 7% would be Rs 5,01,200, and the registration fee at 2% would be Rs 1,43,200, bringing the total fees together to Rs 6,44,400. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers East Mada Veethi?

The Sub Registrar Office that covers East Mada Veethi is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thiruvanmiyur. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during the property registration process. Buyers and sellers must be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction is documented at a fair value, helping to maintain transparency in property dealings. It is essential for both buyers and sellers to understand the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of East Mada Veethi?

The current guideline value of East Mada Veethi is Rs 7,160 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 955 per sq.ft in 2002 to Rs 7,160 per sq.ft in 2024, marking an overall increase of 650% over these years.

What are the stamp duty and registration fees for East Mada Veethi?

For a 1,000 sq.ft plot, the total guideline value is Rs 71,60,000. The stamp duty would be Rs 5,01,200 and the registration fee would be Rs 1,43,200, totaling Rs 6,44,400.

Which Sub Registrar Office covers East Mada Veethi?

The Chennai South Joint I Sub Registrar Office covers East Mada Veethi, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for East Mada Veethi?

East Mada Veethi falls under the land classification of Residential Class III Type - I.