Guideline Value for Vadaveniamman Nagar 3rd Street

Vadaveniamman Nagar 3rd Street guideline value

The current guideline value of Vadaveniamman Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Vadaveniamman Nagar 3rd Street has changed

The guideline value for Vadaveniamman Nagar 3rd Street has undergone several revisions over the years. The earliest recorded figure was Rs 117 per sq.ft in 2002, which increased to Rs 128 per sq.ft in 2003. Following this, the value rose significantly to Rs 400 per sq.ft in 2007, then jumped to Rs 2,000 per sq.ft in 2012. However, it saw a decrease to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft.

In terms of percentage changes, from 2002 to 2003, the guideline value increased by 9%. The jump from 2003 to 2007 was 213%, followed by a 400% increase from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a significant increase of 49%, culminating in a 10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,780%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for the area is Rs 3,050 per sq.ft, placing Vadaveniamman Nagar 3rd Street's 2024 value below this median.

• Vadaveniamman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Vadaveniamman Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Vadaveniamman Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Vadavenni Amman Nagar: Rs 3,050 per sq.ft (2024)
• Vallalar Street: Rs 2,200 per sq.ft (2024)
• T.V.K.Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vadaveniamman Nagar 3rd Street

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 cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vadaveniamman Nagar 3rd Street?

The Vadaveniamman Nagar 3rd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial aspect when registering property transactions in Maduravoyal. It serves as a benchmark for determining the minimum price at which property can be sold and ensures that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Vadaveniamman Nagar 3rd Street?

The current guideline value of Vadaveniamman Nagar 3rd Street 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 significantly from Rs 117 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,780% over this period.

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

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.

Which office handles registrations for Vadaveniamman Nagar 3rd Street?

The Virugambakkam Sub Registrar Office handles registrations for Vadaveniamman Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value in Maduravoyal?

The median guideline value in Maduravoyal is Rs 3,050 per sq.ft, with Vadaveniamman Nagar 3rd Street's value being below this median at Rs 2,200 per sq.ft.