Guideline Value for Mada Veethi South

Mada Veethi South guideline value

The current guideline value of Mada Veethi South 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 South has changed

The guideline value for Mada Veethi South has undergone several revisions over the years. In 2007, the guideline value was Rs 918 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012, marking a significant rise of 118%. However, by 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then saw a substantial increase to Rs 2,000 per sq.ft in 2023, followed by the latest revision to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 140%. The register has no figures for the years 2002 and 2003 for this street.

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 of Rs 3,300 per sq.ft. The guideline value for Mada Veethi South is below this median.

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

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mada Veethi South?

The Sembiam Sub Registrar Office covers Mada Veethi South, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for both buyers and sellers to understand this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mada Veethi South?

The current guideline value of Mada Veethi South is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Mada Veethi South has changed from Rs 918 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 140% over these years.

What is the land classification for Mada Veethi South?

The land classification for Mada Veethi South is Residential Class IV Type - I, indicating its suitability for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. You can also find your SRO online.

How is stamp duty calculated for properties in Mada Veethi South?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the total stamp duty would amount to Rs 1,54,000.