Guideline Value for V.S. Mani Nagar Annex

V.S. Mani Nagar Annex guideline value

The current guideline value of V.S. Mani Nagar Annex is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of V.S. Mani Nagar Annex has changed

The guideline value of V.S. Mani Nagar Annex has seen several revisions over the years. In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, and then further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. 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 with 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, placing V.S. Mani Nagar Annex above this median.

• V.S. Mani Nagar: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar (Ward-11): Rs 2,200 per sq.ft (2024)
• V.S. Mani Ring Road Housing Sector: Rs 2,200 per sq.ft (2024)
• V.S. Mani Street (Ward-10): Rs 1,300 per sq.ft (2024)
• V.R.H. Road ( Ward No.26 ): Rs 1,300 per sq.ft (2024)
• V.R.D. Nagar (Ward-14): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.S. Mani Nagar Annex

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, resulting in a total cost of Rs 1,98,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers V.S. Mani Nagar Annex?

The V.S. Mani Nagar Annex is covered by 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 in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.S. Mani Nagar Annex?

The current guideline value of V.S. Mani Nagar Annex 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 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for V.S. Mani Nagar Annex?

The land classification for V.S. Mani Nagar Annex is Residential Class I Type - I.

What are the stamp duty rates for property in V.S. Mani Nagar Annex?

The stamp duty for property in V.S. Mani Nagar Annex is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations for V.S. Mani Nagar Annex?

The Madhavaram Sub Registrar Office handles property registrations for V.S. Mani Nagar Annex, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.