Guideline Value for Mathiyazhagan Street Lane III

Mathiyazhagan Street Lane III guideline value

The current guideline value of Mathiyazhagan Street Lane III is Rs 3,850 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 - III.

How the guideline value of Mathiyazhagan Street Lane III has changed

The guideline value for Mathiyazhagan Street Lane III has seen several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, this value dropped to Rs 2,345 per sq.ft in the 2017 revision, a decrease of 33%. The value then surged by 49% to reach Rs 3,500 per sq.ft in 2023, before the latest revision in 2024, which set the value at Rs 3,850 per sq.ft, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Mathiyazhagan Street Lane III's current value below this median.

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

Stamp duty and registration fee for property in Mathiyazhagan Street Lane III

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mathiyazhagan Street Lane III?

The Sub Registrar Office that covers Mathiyazhagan Street Lane III 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. When buying or selling property, the guideline value is utilized to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

It is essential for buyers and sellers to be aware of the current guideline value, as it can influence the overall costs associated with property transactions. This value is regularly updated to reflect changes in the real estate market and is a key factor in property registration processes.

Frequently asked questions

What is the current guideline value of Mathiyazhagan Street Lane III?

The current guideline value of Mathiyazhagan Street Lane III is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the land classification of Mathiyazhagan Street Lane III?

Mathiyazhagan Street Lane III is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total of Rs 3,46,500 in fees based on the current guideline value.

Which office handles property registrations in Velachery?

The Velacheri Sub Registrar Office handles property registrations in Velachery, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.