Guideline Value for Vadamalai Maistry 2nd Lane

Vadamalai Maistry 2nd Lane guideline value

The current guideline value of Vadamalai Maistry 2nd Lane is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Special Type - I.

How the guideline value of Vadamalai Maistry 2nd Lane has changed

In the 2007 revision, the guideline value was Rs 2,000 per sq.ft. This figure increased significantly to Rs 5,500 per sq.ft in the 2012 revision, representing a 175% increase. However, in the 2017 revision, the value decreased to Rs 3,685 per sq.ft, marking a decline of 33%. The 2023 revision saw a substantial rise to Rs 5,500 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 6,000 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 200%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

Muthiyalpet has a total of 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Vadamalai Maistry 2nd Lane's 2024 figure above this median.

• Vadamalai Maistry 1st Lane: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry Street: Rs 6,000 per sq.ft (2024)
• Vaikunda Vathiyar Street: Rs 5,500 per sq.ft (2024)
• Vaithyanath Mudali Street: Rs 4,400 per sq.ft (2024)
• Vandalur Rangapillai Street: Rs 4,400 per sq.ft (2024)
• Trivelan Basin Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vadamalai Maistry 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vadamalai Maistry 2nd Lane?

The Sub Registrar Office that covers Vadamalai Maistry 2nd Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Muthiyalpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for the transaction. Buyers must be aware that the duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vadamalai Maistry 2nd Lane?

The current guideline value of Vadamalai Maistry 2nd Lane is Rs 6,000 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 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 200% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 60,00,000, the stamp duty is Rs 4,20,000 and the registration fee is Rs 1,20,000, totaling Rs 5,40,000.

Which office handles property registrations for Vadamalai Maistry 2nd Lane?

The Sowcarpet Sub Registrar Office handles property registrations for Vadamalai Maistry 2nd Lane, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What classification is Vadamalai Maistry 2nd Lane under?

Vadamalai Maistry 2nd Lane is classified as Residential Special Type - I, indicating its designated use for residential purposes.