Guideline Value for Vasantham Nagar Main Roads ( Ward No.3 )

Vasantham Nagar Main Roads ( Ward No.3 ) guideline value

The current guideline value of Vasantham Nagar Main Roads ( Ward No.3 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Vasantham Nagar Main Roads ( Ward No.3 ) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 1,300 per sq.ft, representing a 62% rise. Overall, from 2012 to 2024, there has been a slight increase of 8% in the guideline value.

The register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Vasantham Nagar Main Roads ( Ward No.3 ) below this median.

• Vasantham Nagar Phase- III: Rs 1,600 per sq.ft (2024)
• Vasantham Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Vasantha Nagar: Rs 2,200 per sq.ft (2024)
• Vasantha Nagar Main Road ( Ward No.24 ): Rs 2,200 per sq.ft (2024)
• Vasantham Nagar: Rs 1,300 per sq.ft (2024)
• Vasantha Nagar, Ponniammanmedu (Ward-24): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Nagar Main Roads ( Ward No.3 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would amount to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total of these fees to Rs 1,17,000. Please note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vasantham Nagar Main Roads ( Ward No.3 )?

The Vasantham Nagar Main Roads ( Ward No.3 ) is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a critical role during the registration of 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 stamp duty and registration fees.

When buying or selling property, the seller and buyer must consider the guideline value to avoid discrepancies during the registration process. It is essential to ensure that the sale price is aligned with the guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Vasantham Nagar Main Roads ( Ward No.3 )?

The current guideline value of Vasantham Nagar Main Roads ( Ward No.3 ) 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 seen several revisions, starting from Rs 1,200 per sq.ft in 2012, dropping to Rs 804 per sq.ft in 2017, and then increasing to Rs 1,300 per sq.ft in 2024. This reflects a 62% increase from 2017 to 2024.

What is the classification of land in Vasantham Nagar Main Roads ( Ward No.3 )?

The land classification for Vasantham Nagar Main Roads ( Ward No.3 ) is Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

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

How do stamp duty and registration fees work?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 1,17,000, including stamp duty and registration fees.