Guideline Value for North Mada Veedhi 2nd Cross Street

North Mada Veedhi 2nd Cross Street guideline value

The current guideline value of North Mada Veedhi 2nd Cross Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO and falls under the Residential Class III Type - I land classification.

How the guideline value of North Mada Veedhi 2nd Cross Street has changed

The guideline value for North Mada Veedhi 2nd Cross Street has seen significant changes 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 from the previous revision. The 2012 revision saw the value rise to Rs 2,750 per sq.ft, a substantial increase of 450% from 2007. However, this value dropped to Rs 1,842 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value was set at Rs 2,750 per sq.ft, and it increased to Rs 3,050 per sq.ft in 2024, representing an 11% rise. Overall, from 2002 to 2024, the guideline value has increased by 736%. There are no figures available for other years in the register for this street.

Guideline values in Maduravoyal

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

• North Mada Veedhi 1st 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 10th 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 2nd 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 amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, totaling Rs 2,74,500. 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 North Mada Veedhi 2nd Cross Street?

The North Mada Veedhi 2nd Cross Street 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 an essential 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 applicable to the transaction.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that the transaction is officially documented. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of North Mada Veedhi 2nd Cross Street?

The current guideline value of North Mada Veedhi 2nd 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 increased from Rs 365 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 736% over the years.

What is the land classification for North Mada Veedhi 2nd Cross Street?

North Mada Veedhi 2nd Cross Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for this street?

The Virugambakkam Sub Registrar Office covering North Mada Veedhi 2nd Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 30,50,000, the stamp duty would be Rs 2,13,500 at 7%.