Guideline Value for North Mada Veedhi

North Mada Veedhi guideline value

The current guideline value of North Mada Veedhi is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Nandhambakkam village under the Alandur Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of North Mada Veedhi has changed

The guideline value for North Mada Veedhi has undergone several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, it fell to Rs 2,345 per sq.ft in 2017. The 2023 revision saw a rise to Rs 3,500 per sq.ft, followed by the latest revision in 2024, setting the value at Rs 3,900 per sq.ft, marking an increase of 11% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 290%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Nandhambakkam

Nandhambakkam village has 76 streets under the Alandur SRO, with a 2024 guideline value range from Rs 2,200 to Rs 8,300 per sq.ft. The median value is Rs 3,900 per sq.ft, which is the same as the guideline value for North Mada Veedhi. Below are the guideline values for other streets in Nandhambakkam:

• North Mada Street: Rs 3,900 per sq.ft (2024)
• Pathmini Garden: Rs 8,300 per sq.ft (2024)
• Nandampakkam Colony Street: Rs 3,900 per sq.ft (2024)
• Muthu Mariyamman Street: Rs 3,300 per sq.ft (2024)
• Mount Poondamalli Road: Rs 8,300 per sq.ft (2024)
• Poonthottam 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in North Mada Veedhi

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees together to Rs 3,51,000. 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?

The Sub Registrar Office covering North Mada Veedhi is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Nandhambakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of North Mada Veedhi?

The current guideline value of North Mada Veedhi is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, reflecting a total increase of 290% over the years.

What are the stamp duty and registration fees for properties in North Mada Veedhi?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total fees would amount to Rs 3,51,000.

Which office handles property registrations for North Mada Veedhi?

The Alandur Sub Registrar Office handles property registrations for North Mada Veedhi, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for North Mada Veedhi?

The land classification for North Mada Veedhi is Residential Class II Type - I.