Guideline Value for Macha Veedi

Macha Veedi guideline value

The current guideline value of Macha Veedi is Rs 350 per sq.ft, effective from 1 July 2024. This street is located in Arani village, under the Arani_Tiruvallur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Macha Veedi has changed

Over the years, the guideline value of Macha Veedi has seen several revisions. In 2002, the value was Rs 68 per sq.ft, which increased to Rs 76 per sq.ft in 2003, marking a change of +12%. The value then rose significantly to Rs 150 per sq.ft in 2007, reflecting an increase of +97%. Following this, the value was revised to Rs 350 per sq.ft in 2012, which was a substantial increase of +133%. However, in 2017, the value decreased to Rs 234 per sq.ft, a change of -33%. The most recent revisions in 2023 and 2024 have kept the guideline value steady at Rs 350 per sq.ft, indicating a change of +0% between these two years. The register has no figure for the years not mentioned.

Overall, from 2002 to 2024, the guideline value has increased by +415%. This shows the significant changes in the value over the years, reflecting various factors influencing property valuation in the area.

Guideline values in Arani

In Arani, there are 51 streets under the Arani_Tiruvallur SRO that have a 2024 guideline value ranging from Rs 200 to Rs 600 per sq.ft, with a median value of Rs 300 per sq.ft. Macha Veedi's 2024 figure of Rs 350 per sq.ft is above this median.

• Kometti Street: Rs 200 per sq.ft (2024)
• Kavarai Street: Rs 350 per sq.ft (2024)
• Muligi Street: Rs 400 per sq.ft (2024)
• Karnam Street: Rs 400 per sq.ft (2024)
• Nadukuppam: Rs 200 per sq.ft (2024)
• Kammalar Street: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Macha Veedi

For a 1,000 sq.ft plot at the current guideline value of Rs 350 per sq.ft, the total guideline value would be Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, making the total cost for these fees Rs 31,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Macha Veedi?

The Sub Registrar Office that covers Macha Veedi is the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101. You can find your SRO for more information.

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

When buying or selling property in Arani, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value to accurately estimate the total costs involved in the transaction. This knowledge can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Macha Veedi?

The current guideline value of Macha Veedi is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 68 per sq.ft in 2002 to Rs 350 per sq.ft in 2024, reflecting an overall increase of +415% over the years.

What are the stamp duty and registration fees for property in Macha Veedi?

For a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 and the registration fee would be Rs 7,000, totaling Rs 31,500.

Which office handles registrations for Macha Veedi?

The Arani_Tiruvallur Sub Registrar Office handles registrations for Macha Veedi, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, ensuring that these costs are based on the higher of the guideline value or the sale price.