Guideline Value for North Mada Veedhi 6th Cross Street

North Mada Veedhi 6th Cross Street guideline value

The current guideline value of North Mada Veedhi 6th 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 it falls under the Residential Class III Type - I land classification.

How the guideline value of North Mada Veedhi 6th Cross Street has changed

The guideline value for North Mada Veedhi 6th Cross Street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 365 per sq.ft. This increased to Rs 400 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value then saw a substantial increase to Rs 2,750 per sq.ft in the 2012 revision, but it dropped to Rs 1,842 per sq.ft in 2017. The 2023 revision set the value at Rs 2,750 per sq.ft, which was then raised to Rs 3,050 per sq.ft in the 2024 revision.

Between these revisions, there were notable changes. From 2002 to 2003, the increase was +10%. The value rose by +25% from 2003 to 2007. A significant increase of +450% was recorded from 2007 to 2012. However, from 2012 to 2017, there was a decrease of -33%. The value then increased by +49% from 2017 to 2023, and from 2023 to 2024, it rose by +11%. 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 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 the same as the guideline value for North Mada Veedhi 6th Cross Street.

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

Stamp duty and registration fee for property in North Mada Veedhi 6th 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, and the registration fee at 2% would be Rs 61,000, making the total cost for these fees Rs 2,74,500. The duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North Mada Veedhi 6th Cross Street?

The North Mada Veedhi 6th 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 further assistance.

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

The guideline value is a crucial factor in the registration of property transactions in Maduravoyal. It determines the minimum value at which property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of North Mada Veedhi 6th Cross Street?

The current guideline value of North Mada Veedhi 6th 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 the years.

What is the land classification for North Mada Veedhi 6th Cross Street?

North Mada Veedhi 6th Cross Street falls under the Residential Class III Type - I land classification.

What are the other streets in Maduravoyal with the same guideline value?

Several other streets in Maduravoyal also have a guideline value of Rs 3,050 per sq.ft in 2024, including North Mada Veedhi 5th, 7th, 4th, 8th, 3rd, and 9th Cross Streets.

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.