Guideline Value for Thiru.Vi.Ka 1st Street (Ward-12)

Thiru.Vi.Ka 1st Street (Ward-12) guideline value

The current guideline value of Thiru.Vi.Ka 1st Street (Ward-12) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Thiru.Vi.Ka 1st Street (Ward-12) has changed

The guideline value for Thiru.Vi.Ka 1st Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, a significant increase from Rs 1,005 per sq.ft in the 2017 revision. This marks a 59% increase over the seven-year period.

Looking back further, the 2012 revision had a guideline value of Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 7%. Notably, the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, which is equal to the current guideline value of Thiru.Vi.Ka 1st Street.

• Thiru.Vi.Ka 2nd Street (Ward-12): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 3rd Street (Ward-13): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 4th Street (Ward-13): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 5th Street (Ward-13): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 6th Street (Ward-13): Rs 1,600 per sq.ft (2024)
• Thiyagi Sankarlinganar St, Lakshmipuram (Ward-25): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru.Vi.Ka 1st Street (Ward-12)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total fees Rs 1,44,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Thiru.Vi.Ka 1st Street (Ward-12)?

The Sub Registrar Office that covers Thiru.Vi.Ka 1st Street (Ward-12) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For further details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value for Thiru.Vi.Ka 1st Street (Ward-12)?

The current guideline value for Thiru.Vi.Ka 1st Street (Ward-12) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value for Thiru.Vi.Ka 1st Street has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with notable changes occurring in 2017 when it was Rs 1,005 per sq.ft.

What is the land classification for Thiru.Vi.Ka 1st Street?

Thiru.Vi.Ka 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Madhavaram Sub Registrar Office, which covers Thiru.Vi.Ka 1st Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty for properties in Madhavaram is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at 7%.