Guideline Value for Vanasakthi Nagar

Vanasakthi Nagar guideline value

The current guideline value of Vanasakthi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram Sub Registrar Office (SRO). The land classification for this street is Residential Class III Type - I.

How the guideline value of Vanasakthi Nagar has changed

The guideline value for Vanasakthi Nagar has seen several revisions over the years. The earliest recorded value was Rs 804 per sq.ft in 2017. This figure increased significantly to Rs 1,200 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, which is an 8% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 62% from Rs 804 per sq.ft to Rs 1,300 per sq.ft.

Guideline values in Madhavaram

In Madhavaram village, 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 guideline value for these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Vanasakthi Nagar below this median.

• Vanasakthi Nagar Extension: Rs 1,300 per sq.ft (2024)
• Valmiki Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Vanasakthi Nagar, Ponniammanmedu (Ward-24): 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

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, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration fee would be Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vanasakthi Nagar?

The Madhavaram Sub Registrar Office covers Vanasakthi Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. 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 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 that must be paid during the transaction. The registration office uses this value to assess the financial implications of the property transfer.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal issues. This ensures that all parties involved are clear about the financial obligations associated with the property transaction.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar?

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

How much has the guideline value changed over the years?

The guideline value has changed from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62%.

What are the other streets in Madhavaram with the same guideline value?

Other streets in Madhavaram with the same guideline value of Rs 1,300 per sq.ft include Vanasakthi Nagar Extension, Valmiki Nagar (Ward-29), Vanasakthi Nagar in Ponniammanmedu (Ward-24), Valluvar Colony, Vanitha Nagar, and Valliammai Nagar in Ponniammanmedu (Ward-23).

What fees are associated with buying property in Vanasakthi Nagar?

When buying property in Vanasakthi Nagar, buyers must pay stamp duty at 7% of the guideline value and a registration fee at 2%. For example, for a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Where is the Sub Registrar Office for Vanasakthi Nagar located?

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