Guideline Value for Mathiazhagan Nagar - V.O.C Street

Mathiazhagan Nagar - V.O.C Street guideline value

The current guideline value for Mathiazhagan Nagar - V.O.C Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Mathiazhagan Nagar - V.O.C Street has changed

The guideline value for Mathiazhagan Nagar - V.O.C Street has seen several revisions over the years. In 2002, the value was Rs 481 per sq.ft, which increased to Rs 526 per sq.ft in 2003. Following this, the value rose significantly to Rs 850 per sq.ft in 2007, and then to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision.

Between the revisions, the changes were notable. From 2017 to 2023, there was a 49% increase, while from 2012 to 2017, there was a decrease of 33%. The value saw a remarkable increase of 253% from 2007 to 2012 and a 62% rise from 2003 to 2007. The overall change from 2002 to 2024 reflects a significant increase of 586%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Mathiazhagan Nagar - V.O.C Street is below this median.

• Mathiazhagan Nagar - Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - V.P.Akilan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Sriramulu Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Singaravelan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Shanmugam Salai: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mathiazhagan Nagar - V.O.C Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mathiazhagan Nagar - V.O.C Street?

The Mathiazhagan Nagar - V.O.C Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. This ensures that the government receives the appropriate taxes from property transactions.

Frequently asked questions

What is the current guideline value of Mathiazhagan Nagar - V.O.C Street?

The current guideline value of Mathiazhagan Nagar - V.O.C Street is Rs 3,300 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 481 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 586% over the years.

What is the land classification for Mathiazhagan Nagar - V.O.C Street?

Mathiazhagan Nagar - V.O.C Street is classified as Residential Class III Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.