Guideline Value for V.N.G. Road (Ward-02)

V.N.G. Road (Ward-02) guideline value

The current guideline value of V.N.G. Road (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024. This road is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of V.N.G. Road (Ward-02) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure was then decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. Following this, the value increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and further rose to Rs 1,300 per sq.ft in the 2024 revision, reflecting an increase of 8% from the previous year.

Between the 2017 and 2023 revisions, the value increased by 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 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 in this area is Rs 1,600 per sq.ft, indicating that V.N.G. Road (Ward-02) is below this median value.

• V.N.G. Nagar / Street: Rs 1,300 per sq.ft (2024)
• V.N.G. Road ( Ward No.2 ): Rs 1,300 per sq.ft (2024)
• V.O.C. 1st Street, Ponniammanmedu (Ward-21): Rs 1,600 per sq.ft (2024)
• V.O.C. 2nd St ( Ward No.21 ): Rs 1,600 per sq.ft (2024)
• V.O.C. 3rd Street (Ward 22): Rs 1,600 per sq.ft (2024)
• V.O.C. Cross St ( Ward No.21 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in V.N.G. Road (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total charges Rs 1,17,000. Please note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers V.N.G. Road (Ward-02)?

The Sub Registrar Office that covers V.N.G. Road (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transacted.

Frequently asked questions

What is the current guideline value of V.N.G. Road (Ward-02)?

The current guideline value of V.N.G. Road (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: it was Rs 1,200 per sq.ft in 2012, decreased to Rs 804 per sq.ft in 2017, increased to Rs 1,200 per sq.ft in 2023, and is now Rs 1,300 per sq.ft in 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft. V.N.G. Road (Ward-02) is below this median value.

What are the stamp duty and registration fees for properties in V.N.G. Road (Ward-02)?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total charges would be Rs 1,17,000.

Which office handles registrations for V.N.G. Road (Ward-02)?

The Madhavaram Sub Registrar Office handles registrations for V.N.G. Road (Ward-02), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.