Guideline Value for SOUTH MADA VEETHI

South Mada Veethi guideline value

The current guideline value of South Mada Veethi is Rs 7,150 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of South Mada Veethi has changed

Over the years, the guideline value of South Mada Veethi has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 851 per sq.ft. This increased to Rs 942 per sq.ft in 2003, marking an 11% rise. The value continued to rise, reaching Rs 1,800 per sq.ft in 2007, which was a substantial increase of 91%. Following this, the value surged to Rs 6,500 per sq.ft in 2012, reflecting a remarkable 261% increase. However, it then dropped to Rs 4,355 per sq.ft in 2017, a decrease of 33%. The value saw a resurgence to Rs 6,500 per sq.ft in 2023, and finally, it stands at Rs 7,150 per sq.ft as of the 2024 revision, representing a 10% increase from the previous year.

From 2002 to 2024, the overall increase in the guideline value for South Mada Veethi is 740%. There are no revisions with figures missing for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, placing South Mada Veethi's current value below this median.

• Sowrnam Nagar: Rs 7,150 per sq.ft (2024)
• Sivasundar Avenue: Rs 11,000 per sq.ft (2024)
• Sivasukku Road 4th Road: Rs 7,150 per sq.ft (2024)
• Sivakamipuram Main Road: Rs 11,000 per sq.ft (2024)
• Sivakamipuram 2nd Cross Street: Rs 9,900 per sq.ft (2024)
• Sivakamipuram 1st Cross Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in South Mada Veethi

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000. Together, the total cost for stamp duty and registration fees would be Rs 6,43,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Mada Veethi?

The Sub Registrar Office that covers South Mada Veethi is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. During the registration process, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or greater than the guideline value to avoid any legal complications. This ensures that the government receives the appropriate taxes based on the property's assessed value.

Frequently asked questions

What is the current guideline value of South Mada Veethi?

The current guideline value of South Mada Veethi is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for South Mada Veethi has changed significantly from Rs 851 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, marking an overall increase of 740% over this period.

What are the stamp duty and registration fees for properties in South Mada Veethi?

For a property valued at Rs 71,50,000, the stamp duty would be Rs 5,00,500, and the registration fee would be Rs 1,43,000, totaling Rs 6,43,500.

Which office handles property registrations in Thiruvanmiyur?

The Chennai South Joint I Sub Registrar Office handles property registrations in Thiruvanmiyur, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

The guideline value is used as a reference point for calculating the minimum sale price of a property during registration. It ensures that the appropriate stamp duty and registration fees are collected based on the property's assessed value.