Guideline Value for Vasudevan Thottam 2nd Street (Ward-21)

Vasudevan Thottam 2nd Street (Ward-21) guideline value

The current guideline value of Vasudevan Thottam 2nd Street (Ward-21) is Rs 1,600 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 II Type - I.

How the guideline value of Vasudevan Thottam 2nd Street (Ward-21) has changed

The guideline value for Vasudevan Thottam 2nd Street has seen several revisions over the years. In the 2012 revision, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and then to Rs 1,600 per sq.ft in the 2024 revision, marking a change of +49% from 2017 to 2023 and +7% from 2023 to 2024.

For the years 2002, 2003, and 2007, the register has no figure for this street. Overall, from 2012 to 2024, the guideline value has increased by +7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values 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, which is equal to the current guideline value of Vasudevan Thottam 2nd Street.

• Vasudevan Thottam 2nd Cross Street (Ward 21): Rs 1,600 per sq.ft (2024)
• Vasudevan Thottam 3rd Cross Street (Ward 21): Rs 1,600 per sq.ft (2024)
• Vasudevan Thottam 1st Cross Street (Ward 21): Rs 1,600 per sq.ft (2024)
• Vasudevan Thottam 3rd Street (Ward-21): Rs 1,600 per sq.ft (2024)
• Vasudevan Thottam Ist Street (Ward-21): Rs 1,600 per sq.ft (2024)
• Vasudevan Thottam (Ponniamman Medu): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasudevan Thottam 2nd Street (Ward-21)

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, bringing the total fees to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vasudevan Thottam 2nd Street (Ward-21)?

The Sub Registrar Office that covers Vasudevan Thottam 2nd Street (Ward-21) 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 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 through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Vasudevan Thottam 2nd Street?

The current guideline value for Vasudevan Thottam 2nd Street (Ward-21) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for this street?

Vasudevan Thottam 2nd Street (Ward-21) is classified as Residential Class II 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 Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.