Guideline Value for VASANTHAM NAGAR

Vasantham Nagar guideline value

The current guideline value of Vasantham Nagar is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Mambakkam village under the Madurandakam SRO, classified as Residential Class I Type - I.

How the guideline value of Vasantham Nagar has changed

The guideline value for Vasantham Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 100 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012. However, this value decreased to Rs 201 per sq.ft in 2017. The 2023 revision saw an increase to Rs 300 per sq.ft, followed by a further rise to Rs 330 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2007 to 2012, there was a notable increase of 200%, but this was followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Mambakkam

In Mambakkam, there are 26 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 770 per sq.ft. The median value is Rs 330 per sq.ft, which is equal to the 2024 guideline value of Vasantham Nagar.

• V.I.P. Nagar: Rs 330 per sq.ft (2024)
• Sun City: Rs 770 per sq.ft (2024)
• Sri Vishnu Avenue: Rs 770 per sq.ft (2024)
• Sri Sakthi Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Sri Sai Nagar: Rs 770 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. It is important to note that 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 Vasantham Nagar?

The Sub Registrar Office covering Vasantham Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Mambakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vasantham Nagar?

The current guideline value of Vasantham Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, showing an overall increase of 230% over the years.

What are the other streets in Mambakkam with their guideline values?

Other streets in Mambakkam include V.I.P. Nagar and Sri Sakthi Vinayagar Nagar at Rs 330 per sq.ft, while Sun City, Sri Vishnu Avenue, and Sri Sai Nagar have values of Rs 770 per sq.ft.

How is the stamp duty calculated for properties in Vasantham Nagar?

Stamp duty for properties in Vasantham Nagar is calculated at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Sub Registrar Office for Vasantham Nagar?

The Sub Registrar Office for Vasantham Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.