Guideline Value for Thiru.Vi.Ka 2nd Street (Ward-12)

Thiru.Vi.Ka 2nd Street (Ward-12) guideline value

The current guideline value of Thiru.Vi.Ka 2nd 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 it falls under the Residential Class II Type - I land classification.

How the guideline value of Thiru.Vi.Ka 2nd Street (Ward-12) has changed

The guideline value for Thiru.Vi.Ka 2nd Street (Ward-12) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision, reflecting a change of -33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 1,600 per sq.ft, marking a rise of 59%. Overall, from the 2012 revision to the 2024 revision, the change is a modest increase of 7%.

The register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the current value of Thiru.Vi.Ka 2nd Street (Ward-12).

• Thiru.Vi.Ka 1st 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 2nd 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 would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thiru.Vi.Ka 2nd Street (Ward-12)?

The Sub Registrar Office that covers Thiru.Vi.Ka 2nd Street (Ward-12) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling a property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs that must be paid during the registration process. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Thiru.Vi.Ka 2nd Street (Ward-12)?

The current guideline value of Thiru.Vi.Ka 2nd Street (Ward-12) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then to Rs 1,600 per sq.ft in 2024. This represents a decrease of 33% from 2012 to 2017 and an increase of 59% from 2017 to 2024.

What is the land classification of Thiru.Vi.Ka 2nd Street (Ward-12)?

Thiru.Vi.Ka 2nd Street (Ward-12) falls under the Residential Class II Type - I land classification, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How is the stamp duty calculated for properties in Thiru.Vi.Ka 2nd Street (Ward-12)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,12,000 at 7% of the guideline value.