Guideline Value for Vasantham Nagar

Vasantham Nagar guideline value

The current guideline value of Vasantham Nagar is Rs 1,300 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 III Type - I.

How the guideline value of Vasantham Nagar has changed

The guideline value for Vasantham Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This figure decreased significantly to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased by 49% to reach Rs 1,200 per sq.ft. The most recent revision in 2024 has seen the value rise again to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have 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 Vasantham Nagar is below this median.

• Vasantham Garden Phase- III: Rs 1,600 per sq.ft (2024)
• Vasantham Avenue (Ward-09): Rs 1,600 per sq.ft (2024)
• Vasantham Avenue: Rs 1,600 per sq.ft (2024)
• Vasantham Nagar Main Roads ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• Vasantha Colony (Ponniamman Medu): 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 Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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?

The Sub Registrar Office that covers Vasantham Nagar 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 plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Vasantham Nagar?

The current guideline value of Vasantham Nagar 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Vasantham Nagar?

Vasantham Nagar is classified as Residential Class III Type - I.

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 Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 1,300 per sq.ft, the stamp duty would be Rs 91,000.