Guideline Value for North Mada Veedhi 10th Cross Street

North Mada Veedhi 10th Cross Street guideline value

The current guideline value of North Mada Veedhi 10th 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, classified as Residential Class III Type - I.

How the guideline value of North Mada Veedhi 10th Cross Street has changed

The guideline value for North Mada Veedhi 10th Cross Street has undergone several revisions over the years. In 2002, the guideline 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 saw a significant jump to Rs 500 per sq.ft, reflecting a 25% increase. The 2012 revision kept the value at Rs 2,750 per sq.ft, which was a substantial increase of 450% from 2007. However, this was followed by a decrease to Rs 1,842 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 2,750 per sq.ft, showing a rise of 49%. The latest revision in 2024 set the value at Rs 3,050 per sq.ft, reflecting an 11% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 736%. There are no figures available for the years not mentioned in the register.

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 10th Cross Street.

• North Mada Veedhi 1st 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 10th 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 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 10th Cross Street?

The Sub Registrar Office that covers North Mada Veedhi 10th 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the value of the property for the purpose of calculating stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to assess the applicable fees, which are calculated based on the higher of the guideline value or the sale price. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of North Mada Veedhi 10th Cross Street?

The current guideline value of North Mada Veedhi 10th 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 significantly 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 stamp duty and registration fees for properties on this street?

For a property measuring 1,000 sq.ft, the stamp duty would be Rs 2,13,500 and the registration fee would be Rs 61,000, totaling Rs 2,74,500 based on the current guideline value.

Which office handles registrations for North Mada Veedhi 10th Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for North Mada Veedhi 10th Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is updated periodically to reflect changes in the real estate market.