Guideline Value for Mada Veethi Street

Mada Veethi Street guideline value

The current guideline value of Mada Veethi Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class I Type - II.

How the guideline value of Mada Veethi Street has changed

The guideline value for Mada Veethi Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,600 per sq.ft. This was followed by a decrease to Rs 1,072 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly to Rs 1,700 per sq.ft, representing a rise of 59%.

Overall, comparing the 2012 and 2024 revisions, there has been a slight increase of 6% in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of Rs 1,700 per sq.ft for Mada Veethi Street is below this median.

• Mada Vilaga Street: Rs 1,100 per sq.ft (2024)
• Madambakkam Sudalai Salai: Rs 2,200 per sq.ft (2024)
• Madambakkam-Nuthancheri Main Road: Rs 2,200 per sq.ft (2024)
• Madambakkam Main Road: Rs 2,750 per sq.ft (2024)
• Madha Street: Rs 1,100 per sq.ft (2024)
• Madhura Nuthanchery: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mada Veethi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees together to Rs 1,53,000. It is important to note that the stamp duty is charged on the higher of the guideline value and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mada Veethi Street?

The Sub Registrar Office covering Mada Veethi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with the regulations set by the Registration Department.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Mada Veethi Street?

The current guideline value of Mada Veethi Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, and then increased to Rs 1,700 per sq.ft in 2024. This reflects a 59% increase from 2017 to 2024.

What are the guideline values of other streets in Madambakkam?

Other streets in Madambakkam have varying guideline values, ranging from Rs 1,100 to Rs 2,750 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft.

What are the fees associated with property registration?

The fees for property registration include stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 17,00,000 would incur a total fee of Rs 1,53,000.

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

The Sub Registrar Office for Mada Veethi Street is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office is responsible for property registrations in the area.