Guideline Value for MADURAI VEERAN NAGAR

Madurai Veeran Nagar guideline value

The current guideline value of Madurai Veeran Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This street is located in Kaavithandalam village under the Chengleput Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Madurai Veeran Nagar has changed

Over the years, the guideline value of Madurai Veeran Nagar has undergone several revisions. The 2012 revision set the guideline value at Rs 200 per sq.ft, which remained unchanged until the 2023 revision. In 2017, the value was Rs 134 per sq.ft, marking a significant increase of 49% to Rs 200 per sq.ft in 2023. The register has no figures for the years 2002, 2003, and 2007.

From 2023 to 2024, the guideline value remains unchanged at Rs 200 per sq.ft. Overall, comparing the 2012 revision to the 2024 revision, there is a 0% change, indicating stability in the guideline value over this period.

Guideline values in Kaavithandalam

In Kaavithandalam, there are 12 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 134 to Rs 1,500 per sq.ft, with a median value of Rs 400 per sq.ft. The guideline value of Madurai Veeran Nagar is below this median.

• Padma Nagar: Rs 134 per sq.ft (2024)
• Djn Nagar Extn -1: Rs 600 per sq.ft (2024)
• Anand Nagar: Rs 200 per sq.ft (2024)
• Thirumalai Nagar: Rs 200 per sq.ft (2024)
• THIRUMALAI NAGAR ext1: Rs 200 per sq.ft (2024)
• Venkatesh Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Madurai Veeran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the guideline value totals Rs 2,00,000. The stamp duty at 7% amounts to Rs 14,000, while the registration fee at 2% is Rs 4,000. Together, the total fees would be Rs 18,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madurai Veeran Nagar?

The Sub Registrar Office that covers Madurai Veeran Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Kaavithandalam

The guideline value is a crucial factor in the registration process when buying or selling property in Kaavithandalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Madurai Veeran Nagar?

The current guideline value of Madurai Veeran Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 200 per sq.ft, unchanged from 2023. The value increased from Rs 134 per sq.ft in 2017 to Rs 200 per sq.ft in 2023.

What is the median guideline value in Kaavithandalam?

The median guideline value in Kaavithandalam is Rs 400 per sq.ft, with Madurai Veeran Nagar's value being below this median at Rs 200 per sq.ft.

What are the stamp duty rates for property in Madurai Veeran Nagar?

The stamp duty for property transactions in Madurai Veeran Nagar is set at 7%. This is applied to the higher of the guideline value or the sale price during registration.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.