Guideline Value for Vasantham Avenue (Ward-09)

Vasantham Avenue (Ward-09) guideline value

The current guideline value of Vasantham Avenue (Ward-09) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vasantham Avenue (Ward-09) has changed

The guideline value for Vasantham Avenue has seen several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. The value then increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,600 per sq.ft in the 2024 revision. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The latest change from 2023 to 2024 reflects a 7% increase, bringing the overall change from 2012 to 2024 to a modest 7% increase.

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. The median value among these streets is Rs 1,600 per sq.ft, which aligns with the guideline value of Vasantham Avenue.

• Vasantham Avenue: Rs 1,600 per sq.ft (2024)
• Vasantha Colony (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Vasantham Garden Phase- III: Rs 1,600 per sq.ft (2024)
• Vasantham Nagar: Rs 1,300 per sq.ft (2024)
• Vasantham Nagar Main Roads ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• Vasantham Nagar Phase- III: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Avenue (Ward-09)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, resulting in a total of Rs 1,44,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vasantham Avenue (Ward-09)?

The Sub Registrar Office that covers Vasantham Avenue (Ward-09) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the sale price alone.

When a property is registered, 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 appropriate revenue from property transactions within the region.

Frequently asked questions

What is the current guideline value of Vasantham Avenue?

The current guideline value of Vasantham Avenue (Ward-09) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Vasantham Avenue?

Vasantham Avenue is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated for properties in Vasantham Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at 7%.