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 Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of South Mada Veedhi has changed

The guideline value for South Mada Veedhi has seen several revisions over the years. In 2002, the value was Rs 365 per sq.ft, which increased to Rs 400 per sq.ft in 2003. The value then rose by 10% to Rs 500 per sq.ft in 2007. Following that, there was a significant increase of 500%, bringing the value to Rs 3,000 per sq.ft in 2012. However, this was followed by a decrease of 33%, resulting in a value of Rs 2,010 per sq.ft in 2017. The value then increased by 49% to Rs 3,000 per sq.ft in 2023, and finally, in the 2024 revision, it increased by 10% to reach the current value of Rs 3,300 per sq.ft.

There are no figures available for the revisions in years other than those mentioned. The overall increase from 2002 to 2024 stands at 804%.

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 for these streets is Rs 3,050 per sq.ft, making the 2024 value for South Mada Veedhi above this median.

• Sri Abiramai Nagar: Rs 2,750 per sq.ft (2024)
• Sri Ayappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Bakkya Nagar: Rs 2,750 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 rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Mada Veedhi?

The Sub Registrar Office that covers South Mada Veedhi 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 when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

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 changed from Rs 365 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 804% across the years.

What is the registration office for South Mada Veedhi?

The registration office for South Mada Veedhi is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in South Mada Veedhi?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.

Are there other streets in Maduravoyal with different guideline values?

Yes, there are several other streets in Maduravoyal with varying guideline values, ranging from Rs 2,200 to Rs 6,050 per sq.ft in 2024.