Guideline Value for Thiru.Vi.Ka 3rd Street (Ward-13)

Thiru.Vi.Ka 3rd Street (Ward-13) guideline value

The current guideline value of Thiru.Vi.Ka 3rd Street (Ward-13) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Thiru.Vi.Ka 3rd Street (Ward-13) has changed

The guideline value for Thiru.Vi.Ka 3rd Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to the latest revision in 2024, the value increased significantly to Rs 1,600 per sq.ft, marking a rise of 59%.

Overall, from 2012 to 2024, the guideline value has increased by 7%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Thiru.Vi.Ka 3rd Street.

• Thiru.Vi.Ka 2nd Street (Ward-12): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 4th Street (Ward-13): Rs 1,600 per sq.ft (2024)
• Thiru.Vi.Ka 1st Street (Ward-12): 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 3rd Street (Ward-13)

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. Together, the total cost for these fees would be Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Thiru.Vi.Ka 3rd Street (Ward-13)?

The Sub Registrar Office that covers Thiru.Vi.Ka 3rd Street (Ward-13) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable fees. This ensures that the government receives the correct dues based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Thiru.Vi.Ka 3rd Street?

The current guideline value of Thiru.Vi.Ka 3rd Street (Ward-13) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 1,500 per sq.ft to Rs 1,600 per sq.ft in 2024. There was a decrease to Rs 1,005 per sq.ft in 2017, followed by an increase to the current value.

What is the land classification of Thiru.Vi.Ka 3rd Street?

The land classification for Thiru.Vi.Ka 3rd Street is Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties here?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,44,000.

Which office handles property registrations for this street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles property registrations for Thiru.Vi.Ka 3rd Street (Ward-13).