Guideline Value for Mathavamani Avenue

Mathavamani Avenue guideline value

The current guideline value of Mathavamani Avenue is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mathavamani Avenue has changed

The guideline value for Mathavamani Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 348 per sq.ft. This figure increased to Rs 393 per sq.ft in 2003, marking a 13% rise. The value then surged to Rs 1,500 per sq.ft in 2007, representing a substantial 282% increase. Following this, the value rose dramatically to Rs 4,500 per sq.ft in 2012, showing a 200% increase. However, it experienced a decline to Rs 3,015 per sq.ft in 2017, which was a 33% drop. The value then increased again to Rs 4,500 per sq.ft in 2023, reflecting a 49% rise, before reaching the current value of Rs 4,950 per sq.ft in 2024, a 10% increase.

There are no figures available for the years not listed in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, placing Mathavamani Avenue's 2024 figure above this median.

• Mathiyazhagan Street: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane I: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane II: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane III: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane IV: Rs 3,850 per sq.ft (2024)
• Mathiyazhagan Street Lane V: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Mathavamani Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty, calculated at 7%, would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, these fees amount to Rs 4,45,500. 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 Mathavamani Avenue?

The Sub Registrar Office covering Mathavamani Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value set by the government.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the actual sale price. This ensures that the transaction is appropriately valued for legal and taxation purposes.

Frequently asked questions

What is the current guideline value of Mathavamani Avenue?

The current guideline value of Mathavamani Avenue is Rs 4,950 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 348 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing an overall increase of 1,322% over this period.

What is the land classification of Mathavamani Avenue?

Mathavamani Avenue is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Mathavamani Avenue?

The Sub Registrar Office for Mathavamani Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 4,45,500.