Guideline Value for NORTH MADA VEETHI

North Mada Veethi guideline value

The current guideline value of North Mada Veethi is Rs 8,250 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of North Mada Veethi has changed

The guideline value for North Mada Veethi has seen several revisions over the years. In 2002, the guideline value was Rs 837 per sq.ft, which increased to Rs 926 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,800 per sq.ft in 2007, and then it further increased to Rs 7,500 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 5,025 per sq.ft. The guideline value then rose sharply to Rs 7,500 per sq.ft in 2023, culminating in the current value of Rs 8,250 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, the increase was +11%. The value rose by +94% from 2003 to 2007, followed by a staggering +317% from 2007 to 2012. After a decrease of -33% from 2012 to 2017, the value increased by +49% from 2017 to 2023. The most recent change from 2023 to 2024 is +10%. Overall, from 2002 to 2024, the guideline value has increased by +886%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value in this area is Rs 9,900 per sq.ft, and North Mada Veethi's current value is below this median.

• North Tankview Street: Rs 3,520 per sq.ft (2024)
• N.S.K. 3rd Street: Rs 7,150 per sq.ft (2024)
• N.S.K Street: Rs 7,150 per sq.ft (2024)
• Odaikuppam Amman Koil Back Side: Rs 3,520 per sq.ft (2024)
• Odaikuppam Sea Shore Salai: Rs 11,000 per sq.ft (2024)
• Odaikuppam Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Veethi

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 82,50,000. The stamp duty at 7% would be Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, making the total fees together Rs 7,42,500. 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 precise calculations.

Which Sub Registrar Office covers North Mada Veethi?

The Sub Registrar Office that covers North Mada Veethi is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property transaction occurs, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of North Mada Veethi?

The current guideline value of North Mada Veethi is Rs 8,250 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 837 per sq.ft in 2002 to Rs 8,250 per sq.ft in 2024, reflecting an overall increase of +886%.

What is the land classification for North Mada Veethi?

North Mada Veethi is classified as Residential Class II Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for property in North Mada Veethi?

For a 1,000 sq.ft plot, the total guideline value is Rs 82,50,000, with stamp duty at Rs 5,77,500 and registration fees at Rs 1,65,000, totaling Rs 7,42,500.

Where can I find the Sub Registrar Office for North Mada Veethi?

The Sub Registrar Office for North Mada Veethi is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.