Guideline Value for VICTORY FIELDS EXTENSION

Victory Fields Extension guideline value

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

How the guideline value of Victory Fields Extension has changed

Since the 2017 revision, the guideline value has seen significant increases. The value was Rs 1,340 per sq.ft in 2017, which rose to Rs 2,000 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Victory Fields Extension's 2024 figure above this median.

• Victory Fields: Rs 1,300 per sq.ft (2024)
• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)
• Victory Field (Near MRH Road) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Field (Ward-18): Rs 1,300 per sq.ft (2024)
• Victory Field (Interior) (Ward-16): Rs 1,300 per sq.ft (2024)
• Vidya Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Victory Fields Extension

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 fees to Rs 1,98,000. Please note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Victory Fields Extension?

The Victory Fields Extension is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is an important factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the actual value of the property being transferred.

Frequently asked questions

What is the current guideline value of Victory Fields Extension?

The current guideline value of Victory Fields Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, representing an overall increase of 64%.

What is the guideline value for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with rates ranging from Rs 1,300 to Rs 2,700 per sq.ft as of 2024.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in the area.