Guideline Value for North Mada Veedhi Main Road

North Mada Veedhi Main Road guideline value

The current guideline value of North Mada Veedhi Main Road is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of North Mada Veedhi Main Road has changed

The guideline value for North Mada Veedhi Main Road has seen several revisions over the years. In 2002, the value was Rs 365 per sq.ft, which increased to Rs 400 per sq.ft in 2003, marking a 10% rise. By 2007, the value surged to Rs 500 per sq.ft, reflecting a 25% increase. The 2012 revision saw the value rise significantly to Rs 2,750 per sq.ft, resulting in a remarkable 450% increase. However, the 2017 revision brought the value down to Rs 1,842 per sq.ft, which was a decrease of 33%. The guideline value then increased to Rs 2,750 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,050 per sq.ft, an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 736%. There are no figures available for the years not listed in the register for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, which is equal to the current guideline value of North Mada Veedhi Main Road.

• North Mada Veedhi 9th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 8th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 7th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 6th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 5th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 4th Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Veedhi Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value amounts to Rs 30,50,000. The stamp duty, charged at 7%, would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000. Together, these charges amount to Rs 2,74,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Mada Veedhi Main Road?

The North Mada Veedhi Main Road falls under 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 Maduravoyal

The guideline value is a critical factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

When a property transaction occurs, the guideline value ensures that the government receives appropriate revenue from stamp duty. Buyers and sellers must be aware of the current guideline value to accurately assess their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of North Mada Veedhi Main Road?

The current guideline value of North Mada Veedhi Main Road is Rs 3,050 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 365 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, marking an overall increase of 736%.

What is the land classification for North Mada Veedhi Main Road?

The land classification for North Mada Veedhi Main Road is Residential Class III Type - I.

What are the registration fees for property transactions?

The registration fees are calculated based on the guideline value or sale price, whichever is higher. For example, the registration fee is 2% of the guideline value.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.