Guideline Value for Vasantha Nagar Main Road ( Ward No.24 )

Vasantha Nagar Main Road ( Ward No.24 ) guideline value

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

How the guideline value of Vasantha Nagar Main Road ( Ward No.24 ) has changed

The guideline value for Vasantha Nagar Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,200 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Between the 2017 and 2023 revisions, there was a significant increase of 49%, while the change from 2023 to 2024 reflects a 10% increase. The overall change from the 2012 revision to the current 2024 figure shows a modest increase of 10%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Vasantha Nagar Main Road is above this median.

• Vasantha Nagar, Ponniammanmedu (Ward-24): Rs 2,200 per sq.ft (2024)
• Vasantha Nagar: Rs 2,200 per sq.ft (2024)
• Vasantham Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Vasantham Nagar Phase- III: Rs 1,600 per sq.ft (2024)
• Vasantham Nagar Main Roads ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• Vasudeva Mudali Thottam Cross st ( Ward No.21 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantha Nagar Main Road ( 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, bringing the total to Rs 1,98,000. 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 Vasantha Nagar Main Road ( Ward No.24 )?

The Sub Registrar Office that covers Vasantha Nagar Main Road ( Ward No.24 ) 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 a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

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

Frequently asked questions

What is the current guideline value of Vasantha Nagar Main Road ( Ward No.24 )?

The current guideline value of Vasantha Nagar Main Road ( 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Vasantha Nagar Main Road?

Vasantha Nagar Main Road is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Vasantha Nagar Main Road?

The Sub Registrar Office for Vasantha Nagar Main Road is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Vasantha Nagar Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,54,000 at a rate of 7%.