Guideline Value for MADA VEETHI

Mada Veethi guideline value

The current guideline value of Mada Veethi is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mada Veethi has changed

The guideline value for Mada Veethi has seen several revisions over the years. In 2002, the value was Rs 295 per sq.ft. This increased to Rs 347 per sq.ft in 2003, marking an 18% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, a 44% increase from the previous year. The next revision in 2012 saw a decrease to Rs 2,000 per sq.ft, a drop of 300% from 2007. However, the value rebounded to Rs 1,340 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 2,000 per sq.ft, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 646%. There are no figures available for the years between these revisions for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Mada Veethi's 2024 value above this median.

• Madaveethi Cross Street: Rs 2,200 per sq.ft (2024)
• Madhavar Street: Rs 1,320 per sq.ft (2024)
• Madipakkam Road: Rs 3,300 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar /All Street /Main Roads /Cross Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Veethi

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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 Mada Veethi?

The Sub Registrar Office that covers Mada Veethi is the Chennai South Joint I 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 Pallikaranai

The guideline value is a crucial factor when registering property in Pallikaranai. It serves as the minimum value for which a property can be registered, ensuring that the transaction is recorded at a fair value according to government standards. Buyers and sellers must consider the guideline value to determine the applicable stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Mada Veethi?

The current guideline value of 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 changed from Rs 295 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing a significant increase of 646% over the years.

What is the registration office for Mada Veethi?

The registration office for Mada Veethi is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Mada Veethi?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at a rate of 7%.

What other streets have guideline values in Pallikaranai?

Other streets in Pallikaranai include Madaveethi Cross Street at Rs 2,200 per sq.ft, Madhavar Street at Rs 1,320 per sq.ft, and Madipakkam Road at Rs 3,300 per sq.ft, among others.