Guideline Value for VEDHACHALAM NAGAR

Vedhachalam Nagar guideline value

The current guideline value of Vedhachalam Nagar is Rs 555 per sq.ft, effective from 1 July 2024. This area is located in Mathuranthagam village under the Madurandakam SRO, classified as Residential Class I Type - I.

How the guideline value of Vedhachalam Nagar has changed

The guideline value for Vedhachalam Nagar has undergone several revisions over the years. The oldest recorded figure is from 2007, where it was Rs 60 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2012, followed by a decrease to Rs 335 per sq.ft in 2017. The most recent revisions show an increase to Rs 500 per sq.ft in 2023 and now to Rs 555 per sq.ft in 2024, marking an increase of 11% from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%. Notably, the jump from 2007 to 2012 was a substantial 733%, while the overall increase from 2007 to 2024 is 825%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mathuranthagam

In Mathuranthagam, there are 109 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,480 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value of Vedhachalam Nagar at Rs 555 per sq.ft is below this median.

• Vanniyar Pettai Otthavaadai Street: Rs 1,110 per sq.ft (2024)
• Vanniyar Pettai Narayanan Street: Rs 1,110 per sq.ft (2024)
• Vanniyar Pettai Kamban Street: Rs 555 per sq.ft (2024)
• Vanniayar Pettai Bhagavath Singh Street: Rs 1,110 per sq.ft (2024)
• Vannia Mettu Street: Rs 1,110 per sq.ft (2024)
• VENGATESWARA NAGAR (190/1a/1a2b/1b): Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhachalam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 555 per sq.ft, the total guideline value amounts to Rs 5,55,000. The stamp duty at 7% would be Rs 38,850, and the registration fee at 2% would be Rs 11,100, totaling Rs 49,950. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Vedhachalam Nagar?

The Sub Registrar Office that covers Vedhachalam 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 Mathuranthagam

The guideline value serves as a benchmark for property transactions in Mathuranthagam. When buying or selling property, the guideline value is essential for calculating the stamp duty and registration fees, ensuring that both parties are aware of the financial implications of the transaction.

It is crucial to understand that the guideline value is set by the government and reflects the minimum value at which property transactions must be registered. This value helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Vedhachalam Nagar?

The current guideline value of Vedhachalam Nagar is Rs 555 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions. It increased from Rs 60 per sq.ft in 2007 to Rs 555 per sq.ft in 2024, with notable changes in between, including a decrease from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017.

What are the stamp duty and registration fees for property in Vedhachalam Nagar?

The stamp duty for property in Vedhachalam Nagar is 7%, while the registration fee is 2%. For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 49,950.

Which office handles property registrations in Vedhachalam Nagar?

The Madurandakam Sub Registrar Office handles property registrations in Vedhachalam Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the guideline value determined for properties in Mathuranthagam?

The guideline value for properties in Mathuranthagam is determined by the government and is based on various factors, including location and land classification. It serves as a minimum value for property transactions and is used to calculate stamp duty and registration fees.