Guideline Value for VEDHAGIRI NAGAR

Vedhagiri Nagar guideline value

The current guideline value of Vedhagiri Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madurabakkam village under the Selaiyur SRO and is classified as Residential Class I Type - I.

How the guideline value of Vedhagiri Nagar has changed

The guideline value for Vedhagiri Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the 2012 figure to the 2024 figure, there has been a 10% increase. The revisions for the years 2002, 2003, and 2007 have no figures available for this street in the register.

Guideline values in Madurabakkam

In Madurabakkam, there are 23 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Vedhagiri Nagar's 2024 figure above this median.

• Vembuli Amman Street: Rs 1,100 per sq.ft (2024)
• V.G.P.Babu Nagar: Rs 1,100 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,100 per sq.ft (2024)
• Silver Crest: Rs 1,700 per sq.ft (2024)
• Shankar Nagar: Rs 1,300 per sq.ft (2024)
• Sarojini Nagar: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhagiri 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 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 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 further calculations.

Which Sub Registrar Office covers Vedhagiri Nagar?

The Sub Registrar Office that covers Vedhagiri Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madurabakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. The value is set by the Registration Department and is updated periodically to reflect changes in the property market.

When registering a property, buyers must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Vedhagiri Nagar?

The current guideline value of Vedhagiri 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023 and finally to Rs 2,200 per sq.ft in 2024.

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

Other streets in Madurabakkam include Vembuli Amman Street, V.G.P.Babu Nagar, Vinayagar Koil Street, Silver Crest, Shankar Nagar, and Sarojini Nagar, with guideline values ranging from Rs 1,100 to Rs 2,500 per sq.ft.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Vedhagiri Nagar located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.