Guideline Value for MADA VEETHI STREET

Mada Veethi Street guideline value

The current guideline value of Mada Veethi Street is Rs 3,300 per sq.ft. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Mada Veethi Street has changed

The guideline value for Mada Veethi Street has seen several revisions over the years. In 2002, the value was Rs 452 per sq.ft, which increased to Rs 567 per sq.ft in 2003, marking a 25% rise. The value continued to rise significantly, reaching Rs 1,100 per sq.ft in 2007, a 94% increase from the previous revision. The 2012 revision saw the value at Rs 3,000 per sq.ft, reflecting a substantial 173% increase from 2007. However, it then dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,300 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 630%. The register has no figures for the years not mentioned in the revisions above.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Mada Veethi Street's 2024 figure is below this median.

• Mani Mudali Street: Rs 3,300 per sq.ft (2024)
• Kuttadum Pillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Kulakkarai Street: Rs 4,950 per sq.ft (2024)
• Kothavalchavadi Street Extn.: Rs 4,950 per sq.ft (2024)
• Kothavalchavadi Street: Rs 4,950 per sq.ft (2024)
• Kodha Medu: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Veethi Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Mada Veethi Street?

The Sub Registrar Office that covers Mada Veethi Street is the Chennai South Joint II 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 information.

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

The guideline value is an essential factor in property transactions in Saidapet. It serves as a benchmark for determining the minimum price at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the sale or purchase of property.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the costs involved in the transaction, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Mada Veethi Street?

The current guideline value of Mada Veethi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 452 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 630% over this period.

What is the land classification of Mada Veethi Street?

Mada Veethi Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,97,000 in these fees.

Where can I find my Sub Registrar Office?

The Sub Registrar Office for Mada Veethi Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find more information by visiting the relevant link.