Guideline Value for Vasantham Nagar Phase- III

Vasantham Nagar Phase- III guideline value

The current guideline value of Vasantham Nagar Phase- III is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vasantham Nagar Phase- III has changed

The guideline value for Vasantham Nagar Phase- III has undergone several revisions over the years. The earliest recorded figure is from 2017, when the guideline value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 saw the value rise to Rs 1,600 per sq.ft, which is an increase of 7% from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 59%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, 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 for these streets is Rs 1,600 per sq.ft, which matches the current guideline value for Vasantham Nagar Phase- III.

• Vasantham Nagar Main Roads ( Ward No.3 ): Rs 1,300 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)
• Vasantha Nagar, Ponniammanmedu (Ward-24): Rs 2,200 per sq.ft (2024)
• Vasantham Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Nagar Phase- III

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 important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vasantham Nagar Phase- III?

The Sub Registrar Office that covers Vasantham Nagar Phase- III is 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 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 applicable to the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is documented accurately in accordance with government regulations.

Frequently asked questions

What is the current guideline value of Vasantham Nagar Phase- III?

The current guideline value of Vasantham Nagar Phase- III is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft in 2024, marking a total increase of 59% over this period.

What is the stamp duty rate for properties in Vasantham Nagar Phase- III?

The stamp duty rate for properties in Vasantham Nagar Phase- III is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

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

What are the other streets in Madhavaram and their guideline values?

Other streets in Madhavaram include Vasantham Nagar Main Roads, Vasantham Nagar, and Vasantha Nagar, with guideline values ranging from Rs 1,300 to Rs 2,200 per sq.ft.