Guideline Value for Vasantha Nagar

Vasantha Nagar guideline value

The current guideline value of Vasantha Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Vasantha Nagar has changed

Over the years, the guideline value of Vasantha Nagar has seen several revisions. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in the 2023 revision. Notably, there was no change in the value from 2012 to 2023, where it remained at Rs 2,000 per sq.ft. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, 2007, and 2017 for this street. The 2012 revision marked the last recorded value before the 2023 revision, which did not alter the existing figure. The consistent value of Rs 2,000 per sq.ft during this period reflects stability before the increase in 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Vasantha Nagar's 2024 figure above this median.

• Vasantha Nagar Main Road ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vasantham Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Vasantha Nagar, Ponniammanmedu (Ward-24): Rs 2,200 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vasantha Nagar?

The Sub Registrar Office that covers Vasantha Nagar 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 in property transactions 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 from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Vasantha Nagar?

The current guideline value of Vasantha Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Vasantha Nagar has increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. There was no change from 2012 to 2023, maintaining the value at Rs 2,000 per sq.ft.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Vasantha Nagar?

The Madhavaram Sub Registrar Office covers Vasantha Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Vasantha Nagar?

Vasantha Nagar is classified as Residential Class I Type - I, indicating its designation for residential development.