Guideline Value for Vasu Nagar 3rd Street (Ward-23)

Vasu Nagar 3rd Street (Ward-23) guideline value

The current guideline value of Vasu Nagar 3rd Street (Ward-23) is Rs 1,300 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 III Type - I.

How the guideline value of Vasu Nagar 3rd Street (Ward-23) has changed

The guideline value for Vasu Nagar 3rd Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. However, this value decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. The most recent revision in 2024 saw a significant increase to Rs 1,300 per sq.ft, which is a rise of 62% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 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 guideline value for these streets is Rs 1,600 per sq.ft, placing Vasu Nagar 3rd Street's 2024 figure below that median.

• Vasu Nagar 2nd Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasu Nagar 4th Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasu Nagar 1st Street, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasu Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Vasu Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasuki Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasu Nagar 3rd Street (Ward-23)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vasu Nagar 3rd Street (Ward-23)?

The Sub Registrar Office that covers Vasu Nagar 3rd Street (Ward-23) 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 is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is assessed to ensure that the correct fees are applied. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the applicable duties.

Frequently asked questions

What is the current guideline value of Vasu Nagar 3rd Street (Ward-23)?

The current guideline value of Vasu Nagar 3rd Street (Ward-23) 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, and then increased to Rs 1,300 per sq.ft in 2024.

What is the land classification of Vasu Nagar 3rd Street?

Vasu Nagar 3rd Street 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 Vasu Nagar 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at a rate of 7%.