Guideline Value for Sri Vedhaththiri Nagar

Sri Vedhaththiri Nagar guideline value

The current guideline value of Sri Vedhaththiri Nagar is Rs 102 per sq.ft, effective from 1 July 2024. This area falls under Sempoondi village and is classified as Residential Class I Type - I, with the Madurandakam Sub Registrar Office overseeing its registration.

How the guideline value of Sri Vedhaththiri Nagar has changed

Over the years, the guideline value of Sri Vedhaththiri Nagar has seen significant changes. The earliest recorded revision is from 2007, when the guideline value was Rs 20 per sq.ft. This increased to Rs 70 per sq.ft in 2012, marking a rise of 250%. However, there was a decrease to Rs 47 per sq.ft in 2017, which represented a decline of 33%. The value then surged to Rs 100 per sq.ft in 2023, reflecting an increase of 113%. The most recent revision in 2024 saw a further increase to Rs 102 per sq.ft, a rise of 2% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 410%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Sempoondi

Currently, there are no specific guideline values listed for other streets in Sempoondi under the Madurandakam SRO. Therefore, the guideline value of Sri Vedhaththiri Nagar stands out as the only available figure.

Stamp duty and registration fee for property in Sri Vedhaththiri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 102 per sq.ft, the total guideline value amounts to Rs 1,02,000. The stamp duty, charged at 7%, would be Rs 7,140, while the registration fee at 2% would be Rs 2,040. Together, the total cost for stamp duty and registration fee would be Rs 9,180. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vedhaththiri Nagar?

The Madurandakam Sub Registrar Office covers Sri Vedhaththiri Nagar. The office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Sempoondi. When a property is bought or sold, the guideline value determines the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately for legal and tax purposes.

Additionally, the guideline value impacts the calculation of stamp duty and registration fees, which are required to be paid during the registration process. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Vedhaththiri Nagar?

The current guideline value of Sri Vedhaththiri Nagar is Rs 102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 20 per sq.ft in 2007 to Rs 102 per sq.ft in 2024, representing an overall increase of 410%. There were fluctuations, including a decrease in 2017 and a significant rise in 2023.

What are the stamp duty and registration fees for property in Sri Vedhaththiri Nagar?

For a property valued at Rs 1,02,000, the stamp duty is Rs 7,140 and the registration fee is Rs 2,040, totaling Rs 9,180. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, in the Chengalpattu registration zone.

What is the land classification of Sri Vedhaththiri Nagar?

Sri Vedhaththiri Nagar is classified as Residential Class I Type - I, indicating its designation for residential purposes.