Guideline Value for Vasudeva Nagar, Ram Nagar,

Vasudeva Nagar, Ram Nagar, guideline value

The current guideline value of Vasudeva Nagar, Ram Nagar, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Madipakkam-1 village and is classified as Residential Class I Type - I, governed by the Velacheri SRO.

How the guideline value of Vasudeva Nagar, Ram Nagar, has changed

The guideline value for Vasudeva Nagar has undergone several revisions over the years. In 2017, the value was set at Rs 2,345 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 saw the value further increase to Rs 3,850 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value in this area is Rs 2,750 per sq.ft, making the current value of Rs 3,850 per sq.ft for Vasudeva Nagar above the median.

• Vasudevar Nagar: Rs 3,850 per sq.ft (2024)
• Veeraghavan Street: Rs 2,200 per sq.ft (2024)
• Veeramani Street: Rs 3,850 per sq.ft (2024)
• Veeramani Street/Periyar Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Vanjinathan Street: Rs 2,750 per sq.ft (2024)
• Veerasamy Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vasudeva Nagar, Ram Nagar,

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vasudeva Nagar, Ram Nagar,?

The Sub Registrar Office covering Vasudeva Nagar, Ram Nagar, is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it influences the financial obligations associated with the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vasudeva Nagar, Ram Nagar?

The current guideline value of Vasudeva Nagar, Ram Nagar, is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Vasudeva Nagar?

Vasudeva Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Vasudeva Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.