Guideline Value for VIVEKANANTHA NAGAR (MADHANAKUPPAM)

Vivekanantha Nagar (Madhanakuppam) guideline value

The current guideline value of Vivekanantha Nagar (Madhanakuppam) is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Vivekanantha Nagar (Madhanakuppam) has changed

The guideline value for Vivekanantha Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from Rs 1,340 per sq.ft in 2017. The 2017 revision then increased the value to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has further increased the value to Rs 2,100 per sq.ft, reflecting a 5% increase from the previous year.

It is important to note that for the years 2002, 2003, and 2007, the register has no figure for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 5%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which indicates that the guideline value for Vivekanantha Nagar (Madhanakuppam) is below this median.

• Vivekanantha Nagar Extension: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Main Road: Rs 3,800 per sq.ft (2024)
• Vivekanantha Nagar Annex II: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanantha Nagar (Madhanakuppam)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vivekanantha Nagar (Madhanakuppam)?

The Sub Registrar Office that covers Vivekanantha Nagar (Madhanakuppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The registration office relies on this value to ensure that the correct fees are collected based on the property's worth.

When a buyer or seller approaches the registration office, the guideline value is assessed to calculate the necessary fees. This ensures transparency and fairness in the property transaction process, as it reflects the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Vivekanantha Nagar (Madhanakuppam)?

The current guideline value of Vivekanantha Nagar (Madhanakuppam) is Rs 2,100 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 2023 to Rs 2,100 per sq.ft in 2024, reflecting a 5% increase. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012.

What is the land classification of Vivekanantha Nagar (Madhanakuppam)?

The land classification for Vivekanantha Nagar (Madhanakuppam) is Residential Class III Type - I.

What are the stamp duty and registration fees based on the guideline value?

For a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000, and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

Where is the Sub Registrar Office for Vivekanantha Nagar (Madhanakuppam)?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.