Guideline Value for North Mada Veedhi 9th Cross Street

North Mada Veedhi 9th Cross Street guideline value

The current guideline value of North Mada Veedhi 9th 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 9th Cross Street has changed

The guideline value for North Mada Veedhi 9th Cross Street has seen several revisions over the years. In the 2002 revision, the guideline value was Rs 365 per sq.ft, which increased to Rs 400 per sq.ft in 2003. Following this, the value rose by 10% to Rs 500 per sq.ft in 2007. The 2012 revision saw a significant increase, with the value jumping to Rs 2,750 per sq.ft, marking a 450% rise from the previous figure. However, in the 2017 revision, the value decreased to Rs 1,842 per sq.ft, representing a decline of 33%. The 2023 revision brought the value back up to Rs 2,750 per sq.ft, and the most recent 2024 revision set it at Rs 3,050 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, 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 9th Cross Street.

• North Mada Veedhi 8th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi Main Road: 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 9th 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 fees to Rs 2,74,500. It is important to note that 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 details.

Which Sub Registrar Office covers North Mada Veedhi 9th Cross Street?

The Sub Registrar Office that covers North Mada Veedhi 9th Cross Street is 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 essential during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the government records.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of North Mada Veedhi 9th Cross Street?

The current guideline value of North Mada Veedhi 9th 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, marking an overall increase of 736% over the years.

What are the registration fees for property in North Mada Veedhi 9th Cross Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% on the guideline value. For a 1,000 sq.ft plot, the total registration fees would be Rs 2,74,500.

Where is the Sub Registrar Office for North Mada Veedhi 9th Cross Street located?

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

What is the land classification for North Mada Veedhi 9th Cross Street?

The land classification for North Mada Veedhi 9th Cross Street is Residential Class III Type - I.