Guideline Value for Mada Veethi East

Mada Veethi East guideline value

The current guideline value of Mada Veethi East is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Class IV Type - I.

How the guideline value of Mada Veethi East has changed

The guideline value for Mada Veethi East has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 700 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 186%. However, it then decreased to Rs 1,340 per sq.ft in 2017, reflecting a drop of 33%. The value further increased to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,200 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, showcasing a significant rise over a short period. Overall, from the 2007 revision to the 2024 revision, there has been an increase of 214%, indicating a substantial change in the guideline value over the years.

Guideline values in Kolathur

In Kolathur village, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Mada Veethi East's 2024 figure below this median.

• Mada Veethi North: Rs 2,200 per sq.ft (2024)
• Mada Veethi South: Rs 2,200 per sq.ft (2024)
• Mada Veethi West: Rs 2,200 per sq.ft (2024)
• Maharaja Nagar: Rs 2,200 per sq.ft (2024)
• Mahaveer Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Mahaveer Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Veethi East

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mada Veethi East?

The Sub Registrar Office that covers Mada Veethi East is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Additionally, understanding the guideline value helps buyers and sellers make informed decisions during property transactions. It ensures that both parties are aware of the official value assigned to the property, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Mada Veethi East?

The current guideline value of Mada Veethi East 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 700 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 214% over the years.

What is the land classification for Mada Veethi East?

The land classification for Mada Veethi East is Residential Class IV Type - I.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000.