Guideline Value for MELMADAVEETHI

Melmadaveethi guideline value

The current guideline value of Melmadaveethi is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Iyaampettai village, under the Walajabad Sub Registrar Office (SRO), and falls under the Residential Class I Type - I land classification.

How the guideline value of Melmadaveethi has changed

Over the years, the guideline value of Melmadaveethi has seen significant changes. The earliest recorded figure was Rs 50 per sq.ft in 2007, which increased dramatically to Rs 500 per sq.ft in 2012, marking a substantial rise of 900%. However, this value decreased to Rs 335 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 500 per sq.ft, which then rose to Rs 550 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1000%, showcasing a significant rise in property valuation over the years.

Guideline values in Iyaampettai

Iyaampettai village has a range of guideline values for its streets, with 12 streets under the Walajabad SRO carrying a 2024 figure between Rs 275 to Rs 660 per sq.ft. The guideline value for Melmadaveethi matches the median value of Rs 550 per sq.ft for this village.

• Male Street: Rs 550 per sq.ft (2024)
• Main Road: Rs 550 per sq.ft (2024)
• Nadu Street: Rs 550 per sq.ft (2024)
• Kezh Street: Rs 550 per sq.ft (2024)
• Kanthappar Street: Rs 550 per sq.ft (2024)
• Kanthapar Nagar: Rs 275 per sq.ft (2024)

Stamp duty and registration fee for property in Melmadaveethi

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value is Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Melmadaveethi?

The Walajabad Sub Registrar Office covers Melmadaveethi. The office is located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Iyaampettai. It serves as a benchmark for determining the registration fees and stamp duties applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of ownership. Therefore, understanding the guideline value is essential for anyone looking to engage in real estate transactions in this area.

Frequently asked questions

What is the current guideline value of Melmadaveethi?

The current guideline value of Melmadaveethi is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 50 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, marking an overall increase of 1000% over this period.

What are the other streets in Iyaampettai with similar guideline values?

Other streets in Iyaampettai under the Walajabad SRO have guideline values ranging from Rs 275 to Rs 660 per sq.ft, with several streets, including Male Street and Main Road, also valued at Rs 550 per sq.ft in 2024.

What fees are associated with buying property in Melmadaveethi?

When buying property in Melmadaveethi, buyers should be prepared to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Walajabad Sub Registrar Office located?

The Walajabad Sub Registrar Office is located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone, and is responsible for property registrations in the area.