Guideline Value for Mada Veethi North

Mada Veethi North guideline value

The current guideline value of Mada Veethi North is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls 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 North has changed

The guideline value for Mada Veethi North has seen several revisions over the years. In 2007, the guideline value was set at Rs 900 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in 2012, marking a 122% rise. However, it then decreased to Rs 1,340 per sq.ft in 2017, reflecting a reduction of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, followed by a further increase to the current rate of Rs 2,200 per sq.ft in 2024, representing a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 144%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Mada Veethi North is below this median.

• Mada Veethi South: Rs 2,200 per sq.ft (2024)
• Mada Veethi East: 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 North

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, while the registration fee is 2%, amounting to Rs 44,000. The combined total for stamp duty and registration fee is Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mada Veethi North?

The Sub Registrar Office that covers Mada Veethi North is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair valuation in accordance with government regulations.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Mada Veethi North?

The current guideline value of Mada Veethi North 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 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with several revisions in between. The most notable changes include a rise from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in 2024.

What are the other streets in Kolathur with the same guideline value?

Other streets in Kolathur with the same guideline value of Rs 2,200 per sq.ft in 2024 include Mada Veethi South, Mada Veethi East, Mada Veethi West, and Maharaja Nagar.

What are the stamp duty and registration fees for property in Mada Veethi North?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000. These fees are based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Mada Veethi North located?

The Sub Registrar Office for Mada Veethi North is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.