Guideline Value for M.D. Veera Swamy Nagar (Ward-03)

M.D. Veera Swamy Nagar (Ward-03) guideline value

The current guideline value of M.D. Veera Swamy Nagar (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of M.D. Veera Swamy Nagar (Ward-03) has changed

The guideline value for M.D. Veera Swamy Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017, marking a decline of 33%. In 2023, the value increased to Rs 1,200 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,300 per sq.ft, reflecting an increase of 8% from the previous year.

Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, placing M.D. Veera Swamy Nagar's 2024 figure below this median.

• M.D. Swamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• M.D.Swamy Nagar Rd (Ward No.3): Rs 1,300 per sq.ft (2024)
• M.C. Sundharavarathan Nagar: Rs 1,600 per sq.ft (2024)
• M.C.R. Street (Ward-10): Rs 1,600 per sq.ft (2024)
• M.C.R.Nagar (Ward No.10): Rs 1,600 per sq.ft (2024)
• Medimix Road (Ward No.18): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.D. Veera Swamy Nagar (Ward-03)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, resulting in a total of Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.D. Veera Swamy Nagar (Ward-03)?

The Sub Registrar Office that covers M.D. Veera Swamy Nagar (Ward-03) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring transparency in transactions.

When a property is sold, the stamp duty and registration fees are calculated 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 of M.D. Veera Swamy Nagar?

The current guideline value of M.D. Veera Swamy Nagar (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of M.D. Veera Swamy Nagar?

M.D. Veera Swamy Nagar is classified as Residential Class III Type - I.

Where can I find the registration office for M.D. Veera Swamy Nagar?

The registration office for M.D. Veera Swamy Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value.