Guideline Value for V.S. Mani Nagar

V.S. Mani Nagar guideline value

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

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

The guideline value of V.S. Mani Nagar has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 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 for the village is Rs 1,600 per sq.ft, placing V.S. Mani Nagar's 2024 figure above this median.

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

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

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, charged 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 and the sale price.

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

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

The Sub Registrar Office covering V.S. Mani Nagar 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 plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is in line with the prevailing market conditions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

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

The current guideline value of V.S. Mani Nagar 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 increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the stamp duty rate for property in V.S. Mani Nagar?

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

Which Sub Registrar Office handles registrations for V.S. Mani Nagar?

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

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, with V.S. Mani Nagar's 2024 figure being above this median.