Guideline Value for North Mada Veedhi 1st Cross Street

North Mada Veedhi 1st Cross Street guideline value

The current guideline value for North Mada Veedhi 1st Cross Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of North Mada Veedhi 1st Cross Street has changed

The guideline value for North Mada Veedhi 1st Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 365 per sq.ft. This figure increased to Rs 400 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value saw a significant jump to Rs 2,750 per sq.ft in 2012, but then dropped to Rs 1,842 per sq.ft in 2017. The guideline value then increased to Rs 2,750 per sq.ft in 2023, and most recently, it has risen to Rs 3,050 per sq.ft in 2024.

Between these revisions, the changes were as follows: from 2002 to 2003, there was a 10% increase; from 2003 to 2007, the value rose by 25%; from 2007 to 2012, it increased by 450%; however, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, followed by an 11% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 736%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, which is equal to the guideline value for North Mada Veedhi 1st Cross Street.

• North Mada Veedhi 10th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 2nd Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 3rd Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 4th 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 6th Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Veedhi 1st Cross Street

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

Which Sub Registrar Office covers North Mada Veedhi 1st Cross Street?

The North Mada Veedhi 1st Cross Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid at the time of registration to the relevant authorities.

Frequently asked questions

What is the current guideline value for North Mada Veedhi 1st Cross Street?

The current guideline value for North Mada Veedhi 1st Cross Street 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 from Rs 365 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 736% over this period.

What is the land classification for North Mada Veedhi 1st Cross Street?

The land classification for North Mada Veedhi 1st Cross Street is Residential Class III Type - I.

What are the stamp duty and registration fees for a property here?

For a property valued at Rs 30,50,000, the stamp duty would be Rs 2,13,500 and the registration fee would be Rs 61,000, totaling Rs 2,74,500.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office covering North Mada Veedhi 1st Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.