Guideline Value for Vanasakthi Nagar Extension

Vanasakthi Nagar Extension guideline value

The current guideline value of Vanasakthi Nagar Extension is Rs 1,300 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 III Type - I.

How the guideline value of Vanasakthi Nagar Extension has changed

The guideline value for Vanasakthi Nagar Extension has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 1,200 per sq.ft, which was an increase from the previous value. The latest revision in 2024 raised the guideline value to Rs 1,300 per sq.ft, reflecting an increase of 8% from the 2023 figure.

With the 2024 revision, the guideline value now stands at Rs 1,300 per sq.ft. This value is below the median guideline value of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram that fall under the Madhavaram SRO, which range from Rs 1,300 to Rs 7,500 per sq.ft.

Guideline values in Madhavaram

In Madhavaram, the guideline values vary significantly across different streets. The current guideline value for Vanasakthi Nagar Extension is Rs 1,300 per sq.ft, which is below the median value for the area.

• Vanasakthi Nagar: Rs 1,300 per sq.ft (2024)
• Vanasakthi Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Valmiki Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Valluvar Colony: Rs 1,300 per sq.ft (2024)
• Vanitha Nagar: Rs 1,300 per sq.ft (2024)
• Valliammai Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vanasakthi Nagar Extension

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 is charged at 7%, which totals Rs 91,000, and the registration fee is charged at 2%, amounting to Rs 26,000. Therefore, the total cost for stamp duty and registration fees would be 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.

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

Which Sub Registrar Office covers Vanasakthi Nagar Extension?

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

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

The guideline value is an essential factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When a buyer or seller engages in a property transaction, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the higher value between the guideline value and the sale price, ensuring that the government receives due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar Extension?

The current guideline value of Vanasakthi Nagar Extension 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 changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an increase of 8%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the classification of land in Vanasakthi Nagar Extension?

The land classification for Vanasakthi Nagar Extension is Residential Class III Type - I.

What are the stamp duty and registration fees for property in Vanasakthi Nagar Extension?

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. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Vanasakthi Nagar Extension located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for the area.