Guideline Value for Mathiyazhagan Street Lane IV

Mathiyazhagan Street Lane IV guideline value

The current guideline value of Mathiyazhagan Street Lane IV 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 IV has changed

The guideline value for Mathiyazhagan Street Lane IV has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,500 per sq.ft. It then increased significantly to Rs 3,500 per sq.ft in 2012, marking a 133% rise. However, between 2012 and 2017, the value decreased to Rs 2,345 per sq.ft, reflecting a 33% drop. The value then rose again to Rs 3,500 per sq.ft in 2023, a 49% increase, before reaching the current figure of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 157%.

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 for these streets is Rs 4,400 per sq.ft, placing Mathiyazhagan Street Lane IV's 2024 figure below that median.

• 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 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 IV

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 cost of Rs 3,46,500. 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 precise calculations.

Which Sub Registrar Office covers Mathiyazhagan Street Lane IV?

The Sub Registrar Office that covers Mathiyazhagan Street Lane IV 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 is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements for property transactions.

When a property is registered, the guideline value is used to calculate the applicable duties and fees. This ensures that both parties are aware of their financial obligations when completing the sale or purchase of property in the area.

Frequently asked questions

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

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

How much 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 a total increase of 157% over the years.

What are the stamp duty and registration fees for a property in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total costs would be Rs 3,46,500.

Which Sub Registrar Office is responsible for Mathiyazhagan Street Lane IV?

The Velacheri Sub Registrar Office covers Mathiyazhagan Street Lane IV, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand this value to ensure compliance with legal requirements.