Guideline Value for Sri Nagar Colony North Mada Veedhi

Sri Nagar Colony North Mada Veedhi guideline value

The current guideline value of Sri Nagar Colony North Mada Veedhi is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Venkatapuram village and falls under the Adayar SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Nagar Colony North Mada Veedhi has changed

The guideline value for Sri Nagar Colony North Mada Veedhi has seen several revisions over the years. In 2002, the guideline value was Rs 1,032 per sq.ft, which increased to Rs 1,260 per sq.ft in 2003, marking a 22% rise. The value then saw a significant increase to Rs 4,000 per sq.ft in 2007, reflecting a 217% change. By 2012, the value adjusted to Rs 7,500 per sq.ft, which was a decrease of 33% from the previous revision.

From 2012 to 2017, the guideline value remained at Rs 7,500 per sq.ft, as the register has no figure for this street in that period. However, it increased to Rs 5,025 per sq.ft in 2017, representing a 49% rise. The most recent revision in 2023 set the value at Rs 7,500 per sq.ft, which then rose to Rs 8,300 per sq.ft in 2024, an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 704%.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 15,400 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Sri Nagar Colony North Mada Veedhi is above this median, indicating its relative position within the village.

• Sri Nagar Colony North Avenue: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony South Avenue: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony East Mada Veedhi: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony South mada veedhi (Old Central Avenue road): Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony Cross Road: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony Temple Avenue: Rs 8,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar Colony North Mada Veedhi

For a 1,000 sq.ft plot at the current guideline value of Rs 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would amount to Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total to Rs 7,47,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Nagar Colony North Mada Veedhi?

The Sri Nagar Colony North Mada Veedhi is covered by the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Venkatapuram. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that must be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in the property market.

Frequently asked questions

What is the current guideline value of Sri Nagar Colony North Mada Veedhi?

The current guideline value of Sri Nagar Colony North Mada Veedhi is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,032 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 704% over the years.

What is the stamp duty rate for properties in Sri Nagar Colony North Mada Veedhi?

The stamp duty rate for properties in Sri Nagar Colony North Mada Veedhi is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Nagar Colony North Mada Veedhi?

The Sub Registrar Office covering Sri Nagar Colony North Mada Veedhi is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is important for buyers and sellers to know the current guideline value to ensure accurate calculations of these fees.