Guideline Value for Mada Veethi West

Mada Veethi West guideline value

The current guideline value of Mada Veethi West, located in Kolathur village under the Sembiam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Mada Veethi West has changed

The guideline value for Mada Veethi West has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 262 per sq.ft. In 2003, it increased to Rs 285 per sq.ft, marking a 9% rise. The value then saw a significant jump to Rs 700 per sq.ft in 2007, reflecting a 146% increase. In 2012, the value was Rs 2,000 per sq.ft, which was a 186% increase from the previous revision. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, before the current figure of Rs 2,200 per sq.ft was established in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 740%. There are no figures recorded for any other years for this street in the register.

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 the median value being Rs 3,300 per sq.ft. The guideline value of Mada Veethi West is below this median.

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

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, and 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 and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Mada Veethi West?

The Sembiam Sub Registrar Office covers Mada Veethi West, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Mada Veethi West?

The current guideline value of Mada Veethi West 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 significantly from Rs 262 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 740% over this period.

What is the land classification for Mada Veethi West?

Mada Veethi West falls under the Residential Class IV Type - I land classification.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,98,000, which includes a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Which office handles the registration for Mada Veethi West?

The Sembiam Sub Registrar Office handles the registration for Mada Veethi West, located at 5, Papermills Road, Sembiam, Chennai - 600011.