Guideline Value for East Mada Veethi

East Mada Veethi guideline value

The current guideline value of East Mada Veethi is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Padappai village, under the Padappai SRO, and is classified as Residential Class IV Type - I.

How the guideline value of East Mada Veethi has changed

The guideline value for East Mada Veethi has seen significant changes over the years. In the 2007 revision, the value was Rs 85 per sq.ft, which increased dramatically to Rs 600 per sq.ft in 2012. However, it decreased to Rs 402 per sq.ft in 2017. The value then rose to Rs 600 per sq.ft in 2023 and has now reached Rs 660 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 676%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value for these streets is Rs 830 per sq.ft, indicating that the guideline value for East Mada Veethi is below this median.

• Elliamman Koil Street: Rs 660 per sq.ft (2024)
• Eswaran Koil Street: Rs 660 per sq.ft (2024)
• Ganapathy Nagar: Rs 830 per sq.ft (2024)
• Gandhiji Colony: Rs 660 per sq.ft (2024)
• Gandhi Nagar: Rs 830 per sq.ft (2024)
• Gandhi Street: Rs 830 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 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. 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 details.

Which Sub Registrar Office covers East Mada Veethi?

The Sub Registrar Office that covers East Mada Veethi is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role when buying or selling property in Padappai. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property transactions.

When a buyer or seller approaches the registration office, the guideline value is referenced to calculate the fees based on the property's value. This process helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of East Mada Veethi?

The current guideline value of East Mada Veethi is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 85 per sq.ft to Rs 660 per sq.ft in 2024, showing a significant overall increase of 676%.

What are the other streets with the same guideline value?

Other streets in Padappai with the same guideline value of Rs 660 per sq.ft in 2024 include Elliamman Koil Street, Eswaran Koil Street, and Gandhiji Colony.

What is the registration fee for property in East Mada Veethi?

The registration fee for property in East Mada Veethi is calculated based on the guideline value. For example, for a 1,000 sq.ft plot, the total registration fee would be Rs 59,400, which includes stamp duty and registration fees.

Where can I find the Sub Registrar Office for East Mada Veethi?

The Sub Registrar Office for East Mada Veethi is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.