Guideline Value for Mathiazhagan Nagar - V.P.Akilan Street

Mathiazhagan Nagar - V.P.Akilan Street guideline value

The current guideline value for Mathiazhagan Nagar - V.P.Akilan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the jurisdiction of the Virugambakkam SRO, and falls under Residential Class III Type - I land classification.

How the guideline value of Mathiazhagan Nagar - V.P.Akilan Street has changed

The guideline value for Mathiazhagan Nagar - V.P.Akilan Street has undergone several revisions over the years. In 2002, the value was Rs 1,075 per sq.ft, which increased to Rs 1,174 per sq.ft in 2003, marking a 9% rise. The value then saw a modest increase of 6% to reach Rs 1,250 per sq.ft in 2007. Following this, there was a significant jump of 140%, bringing the value to Rs 3,000 per sq.ft in 2012. However, the value dropped by 33% to Rs 2,010 per sq.ft in 2017. The 2023 revision set the value at Rs 3,000 per sq.ft, which then increased by 10% to the current rate of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 207%. It is important to note that there are no figures available for the years not mentioned in the revisions for this street.

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.P.Akilan Street is below this median.

• Mathiazhagan Nagar - V.O.C Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Sriramulu 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.P.Akilan 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. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mathiazhagan Nagar - V.P.Akilan Street?

The Mathiazhagan Nagar - V.P.Akilan Street is covered by 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 during the registration of property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer and seller must ensure that the transaction value is not lower than the guideline value. This ensures that the appropriate fees are collected based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Mathiazhagan Nagar - V.P.Akilan Street?

The current guideline value for Mathiazhagan Nagar - V.P.Akilan 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 from Rs 1,075 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 207% over the years.

What are the other streets in Saligramam with the same guideline value?

Other streets in Saligramam that share the same guideline value of Rs 3,300 per sq.ft in 2024 include Mathiazhagan Nagar - V.O.C Street, Mathiazhagan Street, Mathiazhagan Nagar - Thiruvalluvar Street, Mathiazhagan Nagar - Sriramulu Street, Mathiazhagan Nagar - Singaravelan Street, and Mathiazhagan Nagar - Shanmugam Salai.

What fees are associated with buying property in Mathiazhagan Nagar - V.P.Akilan Street?

When buying property in Mathiazhagan Nagar - V.P.Akilan Street, you will incur a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mathiazhagan Nagar - V.P.Akilan Street?

The Sub Registrar Office covering Mathiazhagan Nagar - V.P.Akilan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.