Guideline Value for Mathiyazhagan Street

Mathiyazhagan Street guideline value

The current guideline value of Mathiyazhagan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Mathiyazhagan Street has changed

The guideline value of Mathiyazhagan Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, it then decreased to Rs 2,345 per sq.ft in 2017. The 2023 revision set the value at Rs 3,500 per sq.ft, leading to a rise to the current rate of Rs 3,850 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 10%. Overall, from 2007 to 2024, the guideline value has increased by 157%. The register has no figures for the years 2002 and 2003 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 for these streets is Rs 4,400 per sq.ft, indicating that Mathiyazhagan Street's 2024 figure is below the 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 IV: 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)

Stamp duty and registration fee for property in Mathiyazhagan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, resulting in 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mathiyazhagan Street?

The Sub Registrar Office that covers Mathiyazhagan Street 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 minimum value of a property, ensuring that transactions are conducted fairly and transparently. When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions.

Buyers and sellers should be aware that the guideline value can vary significantly between different streets and areas within Velachery. It is advisable to check the latest guideline values before proceeding with any property transactions to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Mathiyazhagan Street?

The current guideline value of Mathiyazhagan Street 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 are the stamp duty and registration fees for properties on Mathiyazhagan Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Mathiyazhagan Street?

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

What is the land classification for Mathiyazhagan Street?

Mathiyazhagan Street is classified as Residential Class II Type - III, which indicates its suitability for residential development.