Guideline Value for South Mada Veedhi

South Mada Veedhi guideline value

The current guideline value of South Mada Veedhi is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nandhambakkam village, under the Alandur SRO, and is classified as Residential Class II Type - II.

How the guideline value of South Mada Veedhi has changed

Over the years, the guideline value of South Mada Veedhi has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% increase. However, the value dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. The subsequent revision in 2023 raised the value to Rs 3,000 per sq.ft, and the latest 2024 revision has set it at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 230%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Nandhambakkam

Nandhambakkam has a total of 76 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 8,300 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of South Mada Veedhi is below this median.

• South Mada Street: Rs 3,300 per sq.ft (2024)
• Seven Well Street: Rs 5,500 per sq.ft (2024)
• Seven Well 2nd Street: Rs 5,500 per sq.ft (2024)
• Seven Well 1st Street: Rs 5,500 per sq.ft (2024)
• Sundar Nagar 2nd Avenue: Rs 5,500 per sq.ft (2024)
• Sundar Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in South Mada Veedhi

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Mada Veedhi?

The Sub Registrar Office that covers South 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 details.

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

The guideline value is a critical factor when registering property transactions in Nandhambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of South Mada Veedhi?

The current guideline value of South Mada Veedhi is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 230%.

What is the median guideline value in Nandhambakkam?

The median guideline value in Nandhambakkam is Rs 3,900 per sq.ft, while South Mada Veedhi's guideline value is below this median.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for South Mada Veedhi?

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