Guideline Value for Vasuki Nagar

Vasuki Nagar guideline value

The current guideline value of Vasuki Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vasuki Nagar has changed

The guideline value for Vasuki Nagar has seen significant changes over the years. In the 2017 revision, the value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. As of the 2024 revision, the value has further increased to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 59%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Vasuki Nagar.

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 is Rs 1,600 per sq.ft, which is equal to the current guideline value of Vasuki Nagar.

• Vasu Nagar 1st Street, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasudevan Thottam, Ponniammanmedu (Ward-21): Rs 1,600 per sq.ft (2024)
• Vasu Nagar 2nd Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasudevan Thottam (Ponniamman Medu): Rs 1,600 per sq.ft (2024)
• Vasu Nagar 3rd Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Vasudevan Thottam Ist Street (Ward-21): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasuki Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vasuki Nagar?

The Sub Registrar Office that covers Vasuki Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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 minimum sale price of a property, ensuring that the transaction is recorded at a fair value.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vasuki Nagar?

The current guideline value of Vasuki Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft in 2024, which is an overall increase of 59%.

What were the guideline values in the previous revisions?

The guideline values for Vasuki Nagar were Rs 1,005 per sq.ft in 2017, Rs 1,500 per sq.ft in 2023, and Rs 1,600 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, 2007, and 2012.

Where can I find the registration office for Vasuki Nagar?

The registration office for Vasuki Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Vasuki 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 16,00,000, the stamp duty would be Rs 1,12,000.