Guideline Value for Valarmathi Nagar

Valarmathi Nagar guideline value

The current guideline value of Valarmathi Nagar is Rs 1,600 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 II Type - I.

How the guideline value of Valarmathi Nagar has changed

Over the years, the guideline value for Valarmathi Nagar has seen a few revisions. The earliest recorded revision is from 2012, where the guideline value was Rs 1,500 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,500 per sq.ft. In 2024, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. Notably, there are no recorded figures for the years 2002, 2003, 2007, and 2017 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the 2024 figure for Valarmathi Nagar.

• Valarmathi Nagar Extension: Rs 1,600 per sq.ft (2024)
• Valarmathi Nagar, Vinayagapuram (Ward-29): Rs 1,600 per sq.ft (2024)
• Vajravel Nagar Main Road (Ward No.24): Rs 2,200 per sq.ft (2024)
• Vajravel Nagar 4th 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 3rd Cross St (Ward No.24): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Valarmathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Valarmathi Nagar?

The Sub Registrar Office that covers Valarmathi Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Madhavaram. It serves as a benchmark for determining 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 is assessed to calculate the applicable charges. Buyers should be aware that the stamp duty is based on either the guideline value or the sale price, whichever is higher, to ensure compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Valarmathi Nagar?

The current guideline value of Valarmathi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Valarmathi Nagar has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase. The value remained unchanged at Rs 1,500 per sq.ft from 2012 to 2023.

What is the classification of land in Valarmathi Nagar?

Valarmathi Nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Valarmathi Nagar?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Valarmathi Nagar located?

The Sub Registrar Office covering Valarmathi Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.