Guideline Value for V.S. Mani Ring Road Housing Sector

V.S. Mani Ring Road Housing Sector guideline value

The current guideline value of V.S. Mani Ring Road Housing Sector is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of V.S. Mani Ring Road Housing Sector has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 2,000 per sq.ft in 2023, and then further increased to Rs 2,200 per sq.ft in the 2024 revision, representing a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value saw a decrease of 33%. However, from 2017 to 2023, there was a substantial increase of 49%. Overall, comparing the years 2012 and 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram village, there are 1946 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 for these streets is Rs 1,600 per sq.ft, and the guideline value for V.S. Mani Ring Road Housing Sector is above this median.

• V.S. Mani Street (Ward-10): Rs 1,300 per sq.ft (2024)
• V.S. Mani Nagar (Ward-11): Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar Annex: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar: 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 (Ward-14): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.S. Mani Ring Road Housing Sector

For a 1,000 sq.ft plot at the current rate, the 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, making the total Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.S. Mani Ring Road Housing Sector?

The V.S. Mani Ring Road Housing Sector is covered by 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

When buying or selling property in Madhavaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. It serves as a reference point for the value of the property, ensuring that the transaction is documented accurately at the time of registration.

The guideline value is essential for both buyers and sellers, as it helps in calculating the financial obligations associated with property transactions. It is important to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of V.S. Mani Ring Road Housing Sector?

The current guideline value of V.S. Mani Ring Road Housing Sector 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, which is a 10% increase. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012.

What is the land classification for V.S. Mani Ring Road Housing Sector?

The land classification for V.S. Mani Ring Road Housing Sector is Residential Class I Type - I.

What is the stamp duty rate for property transactions in this sector?

The stamp duty rate for property transactions in V.S. Mani Ring Road Housing Sector is 7% of the guideline value or the 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.