Guideline Value for VANNAN MEDU STREET

Vannan Medu Street guideline value

The current guideline value of Vannan Medu Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO), and is classified as Residential Class V Type - III.

How the guideline value of Vannan Medu Street has changed

The guideline value for Vannan Medu Street has undergone several revisions over the years. Starting from Rs 699 per sq.ft in 2002, it increased to Rs 777 per sq.ft in 2003, marking an 11% rise. The value then saw a modest increase to Rs 900 per sq.ft in 2007, which was a 16% increase. The subsequent revision in 2012 brought the value up to Rs 3,000 per sq.ft, reflecting a significant 233% increase from the previous figure. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%.

In the most recent revision in 2024, the guideline value rose to Rs 3,300 per sq.ft, representing a 64% increase from the 2017 figure. It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Vannan Medu Street's 2024 figure below that median.

• Vaniampathi Street: Rs 7,700 per sq.ft (2024)
• Valluvar Thulasingam Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 3rd Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 2nd Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 1st Street: Rs 3,300 per sq.ft (2024)
• Valleeswaran Thottam: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vannan Medu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vannan Medu Street?

The Vannan Medu Street is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as the minimum value for which a property can be registered, ensuring that the transaction is documented at a fair price as determined by the government.

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

Frequently asked questions

What is the current guideline value of Vannan Medu Street?

The current guideline value of Vannan Medu Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 372% over the years.

What is the land classification for Vannan Medu Street?

Vannan Medu Street is classified as Residential Class V Type - III, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties on this street?

For a property with a guideline value of Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Vannan Medu Street?

The Mylapore Sub Registrar Office handles registrations for Vannan Medu Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.