Guideline Value for V.R.D. Nagar (Ward-14)

V.R.D. Nagar (Ward-14) guideline value

The current guideline value of V.R.D. Nagar (Ward-14) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, falling under the Madhavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of V.R.D. Nagar (Ward-14) has changed

Over the years, the guideline value of V.R.D. Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,340 per sq.ft. The value remained at Rs 2,000 per sq.ft until the 2023 revision, which increased it to Rs 2,000 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village comprises 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing V.R.D. Nagar's 2024 figure above this median.

• V.R.D. Nagar Main Road (Ward No.14): Rs 2,200 per sq.ft (2024)
• V.R.D. Nagar 6th Street (Ward No.14): Rs 2,200 per sq.ft (2024)
• V.R.H. Road (Ward No.26): Rs 1,300 per sq.ft (2024)
• V.R.D. Nagar 5th Street (Ward No.14): Rs 2,200 per sq.ft (2024)
• V.R.D. Nagar 5th Cross Street (Ward 14): Rs 2,200 per sq.ft (2024)
• V.R.D. Nagar 4th Street (Ward No.14): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.R.D. Nagar (Ward-14)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For a detailed calculation, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.R.D. Nagar (Ward-14)?

The Sub Registrar Office that covers V.R.D. Nagar (Ward-14) 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 critical factor when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid during the transaction process. Buyers and sellers should be aware of the current guideline value to ensure they are compliant with local regulations.

When a property is registered, the guideline value serves as a benchmark for the transaction. This means that the stamp duty is calculated based on either the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.R.D. Nagar (Ward-14)?

The current guideline value of V.R.D. Nagar (Ward-14) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. It was Rs 1,340 per sq.ft in 2017, and Rs 2,000 per sq.ft in 2012, showing a significant increase over the years.

What is the stamp duty for a property in V.R.D. Nagar?

The stamp duty for a property in V.R.D. Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Where can I find the Sub Registrar Office for V.R.D. Nagar?

The Sub Registrar Office for V.R.D. Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for V.R.D. Nagar?

The land classification for V.R.D. Nagar is Residential Class I Type - I, indicating its suitability for residential development.