Guideline Value for MA.VE.NA. NAGAR

Ma.Ve.Na. Nagar guideline value

The current guideline value of Ma.Ve.Na. Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Ma.Ve.Na. Nagar has changed

The guideline value for Ma.Ve.Na. Nagar has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 2,600 per sq.ft in 2012, marking a substantial rise of 333%. However, the value dropped to Rs 1,742 per sq.ft in 2017, a decrease of 33%. The 2023 revision then saw a notable increase to Rs 2,600 per sq.ft, followed by another rise to the current value of Rs 2,800 per sq.ft in 2024, reflecting an 8% increase.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 367%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Ma.Ve.Na. Nagar is below this median.

• Mattumandai: Rs 2,150 per sq.ft (2024)
• Masthan Koil Pattai: Rs 3,300 per sq.ft (2024)
• Marvadi Quarters: Rs 3,300 per sq.ft (2024)
• Market Lane Kaladipet: Rs 2,800 per sq.ft (2024)
• Manikkam Nagar Extn: Rs 3,300 per sq.ft (2024)
• Manikkam Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ma.Ve.Na. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Ma.Ve.Na. Nagar?

The Sub Registrar Office that covers Ma.Ve.Na. Nagar is located at Thiruvottiyur Sub Registrar Office, 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For further assistance, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and legally in the government records.

Frequently asked questions

What is the current guideline value of Ma.Ve.Na. Nagar?

The current guideline value of Ma.Ve.Na. Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, with notable increases and decreases in between, including a drop to Rs 1,742 per sq.ft in 2017.

What is the stamp duty rate for property in Ma.Ve.Na. Nagar?

The stamp duty rate for property in Ma.Ve.Na. Nagar is 7%, which is applied to the higher of the guideline value or the sale price during registration.

Where can I find the Sub Registrar Office for Ma.Ve.Na. Nagar?

The Sub Registrar Office for Ma.Ve.Na. Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Ma.Ve.Na. Nagar?

Ma.Ve.Na. Nagar is classified as Residential Special Type - III according to the guideline value register.