Guideline Value for Valluvar Colony

Valluvar Colony guideline value

The current guideline value of Valluvar Colony, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Valluvar Colony has changed

The guideline value for Valluvar Colony has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values 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, placing Valluvar Colony's 2024 figure below this median.

• Valliammai Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Valliammai Nagar Extension: Rs 1,600 per sq.ft (2024)
• Valmiki Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Valliammai Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Valliammai Nagar 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Valliammai Nagar 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Valluvar Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Valluvar Colony?

The Sub Registrar Office that covers Valluvar Colony is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more details, you can find your SRO.

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 stamp duty and registration fees payable during the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Valluvar Colony?

The current guideline value of Valluvar Colony is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, reflecting a total increase of 62% over this period.

What are the stamp duty and registration fees for properties in Valluvar Colony?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles the registration for Valluvar Colony?

The Madhavaram Sub Registrar Office handles registrations for Valluvar Colony, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value determined for properties in Madhavaram?

The guideline value is determined by the Registration Department's guideline value register, which is periodically revised based on various factors. It is used to calculate the stamp duty and registration fees during property transactions.