Guideline Value for North Mada Veedhi 8th Cross Street

North Mada Veedhi 8th Cross Street guideline value

The current guideline value of North Mada Veedhi 8th 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 is classified as Residential Class III Type - I.

How the guideline value of North Mada Veedhi 8th Cross Street has changed

The guideline value for North Mada Veedhi 8th Cross Street has seen several revisions over the years. The earliest recorded figure is from 2002, when the guideline value was Rs 365 per sq.ft. This increased to Rs 400 per sq.ft in 2003, marking a 10% rise. Subsequently, the value rose by 25% to Rs 500 per sq.ft in 2007. The 2012 revision saw a significant increase of 450%, bringing the value to Rs 2,750 per sq.ft. However, between 2012 and 2017, the value dropped by 33% to Rs 1,842 per sq.ft. The 2023 revision recorded a notable increase of 49%, raising the value to Rs 2,750 per sq.ft, before the most recent revision in 2024, which set the value at Rs 3,050 per sq.ft, an 11% increase from the previous year.

There are no figures recorded for the years not mentioned in the revisions for this street. 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 for these streets is Rs 3,050 per sq.ft, which is equal to the guideline value of North Mada Veedhi 8th Cross Street.

• North Mada Veedhi 7th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 9th 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 Main Road: 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 8th 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, bringing the total cost for these charges to 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 detailed calculations.

Which Sub Registrar Office covers North Mada Veedhi 8th Cross Street?

The North Mada Veedhi 8th Cross Street falls under the jurisdiction of 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 plays a crucial role during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

Buyers and sellers should be aware that these 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.

Frequently asked questions

What is the current guideline value of North Mada Veedhi 8th Cross Street?

The current guideline value of North Mada Veedhi 8th 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 are the stamp duty and registration fees for properties in this area?

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.

Which office handles property registrations for North Mada Veedhi 8th Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for North Mada Veedhi 8th Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees during transactions in Maduravoyal.