Guideline Value for East Mada Veethi

East Mada Veethi guideline value

The current guideline value of East Mada Veethi is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Thiruneermalai village under the Pammal Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - II.

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 2003, the guideline value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007. This marked a rise of 12%. The 2017 revision brought a substantial increase, raising the guideline value to Rs 1,340 per sq.ft, reflecting a growth of 283%. The value continued to rise to Rs 2,000 per sq.ft in 2023, a 49% increase from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from 2023.

There are no figures available for the revisions in 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 605%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median guideline value for these streets is Rs 2,420 per sq.ft, positioning East Mada Veethi's 2024 figure below the median.

• East Kulakarai Street: Rs 2,200 per sq.ft (2024)
• Durga Nagar Vinoba Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Vinoba 2nd Cross Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Vinoba 1st Cross Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Vallalar Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Thiruvalluvar Street Extn: Rs 2,420 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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 more details.

Which Sub Registrar Office covers East Mada Veethi?

The East Mada Veethi street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Thiruneermalai

The guideline value is a critical factor in property transactions in Thiruneermalai. It is used to determine the stamp duty and registration fees payable when a property is sold or purchased. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value acts as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. Conversely, if the sale price is lower, the duty will be based on the guideline value.

Frequently asked questions

What is the current guideline value of East Mada Veethi?

The current guideline value of East Mada Veethi is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605% over the years.

What are the stamp duty rates applicable in East Mada Veethi?

The stamp duty rate for property transactions in East Mada Veethi is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registration for East Mada Veethi?

The Pammal Sub Registrar Office handles property registration for East Mada Veethi, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the median guideline value for streets in Thiruneermalai?

The median guideline value for streets in Thiruneermalai is Rs 2,420 per sq.ft, with East Mada Veethi's guideline value being below this median at Rs 2,200 per sq.ft.