Guideline Value for V.N.G.Road ( Ward No.2 )

V.N.G.Road ( Ward No.2 ) guideline value

The current guideline value for V.N.G.Road ( Ward No.2 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street 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 No.2 ) has changed

The guideline value for V.N.G.Road ( Ward No.2 ) has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the guideline value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 49% in the guideline value, and overall, from 2017 to 2024, the increase amounts to 62%. This reflects the changes in the property market over these years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that V.N.G.Road ( Ward No.2 ) is priced below this median.

• V.N.G. Road (Ward-02): Rs 1,300 per sq.ft (2024)
• V.N.G. Nagar / Street: 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 No.2 )

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

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.N.G.Road ( Ward No.2 )?

The Sub Registrar Office that covers V.N.G.Road ( Ward No.2 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

When buying or selling property, the guideline value helps ensure transparency and fairness in the transaction process. It provides a standardized measure for valuing properties, aiding in the assessment of the financial implications of the sale.

Frequently asked questions

What is the current guideline value for V.N.G.Road ( Ward No.2 )?

The current guideline value for V.N.G.Road ( Ward No.2 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for V.N.G.Road ( Ward No.2 ) has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62%.

What is the stamp duty rate for properties in V.N.G.Road ( Ward No.2 )?

The stamp duty rate for properties in V.N.G.Road ( Ward No.2 ) is 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with V.N.G. Road and V.N.G. Nagar both at Rs 1,300 per sq.ft, while other streets like V.O.C. 1st Street, Ponniammanmedu are at Rs 1,600 per sq.ft.