Guideline Value for Vajravel Nagar 1st Cross St ( Ward No.24 )

Vajravel Nagar 1st Cross St ( Ward No.24 ) guideline value

The current guideline value of Vajravel Nagar 1st Cross St ( Ward No.24 ) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vajravel Nagar 1st Cross St ( Ward No.24 ) has changed

The guideline value for Vajravel Nagar 1st Cross St has seen several revisions over the years. The earliest recorded figure is from 2012, when it was Rs 1,500 per sq.ft. In 2023, the value increased to Rs 2,000 per sq.ft, reflecting a 33% rise from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, marking a 10% increase from 2023. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 47%. This consistent rise in value indicates the changing dynamics of the area, with the latest figure reflecting the current market conditions.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median value for these streets is Rs 1,600 per sq.ft, placing Vajravel Nagar 1st Cross St above this median.

• Vajravel Nagar 1st St (Ward-24): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 2nd Cross St ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 2nd St ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 3rd Cross St ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 3rd St ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 4th St ( Ward No.24 ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vajravel Nagar 1st Cross St ( Ward No.24 )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that 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 Vajravel Nagar 1st Cross St ( Ward No.24 )?

The Sub Registrar Office that covers Vajravel Nagar 1st Cross St ( Ward No.24 ) is 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 a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value of the property, ensuring that the transaction is recorded accurately and fairly.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Vajravel Nagar 1st Cross St?

The current guideline value for Vajravel Nagar 1st Cross St ( Ward No.24 ) 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 1,500 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 47% over this period.

What is the stamp duty rate for properties in Vajravel Nagar 1st Cross St?

The stamp duty rate for properties in Vajravel Nagar 1st Cross St is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have guideline values that are also set at Rs 2,200 per sq.ft for 2024, similar to Vajravel Nagar 1st Cross St.