Guideline Value for Vedhantha Murugappan 2nd Street

Vedhantha Murugappan 2nd Street guideline value

The current guideline value of Vedhantha Murugappan 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Vedhantha Murugappan 2nd Street has changed

The guideline value for Vedhantha Murugappan 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which changed to Rs 1,340 per sq.ft in 2017, marking a decrease of 11%. The value then rose significantly to Rs 2,000 per sq.ft in 2023, reflecting an increase of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, a rise of 10% from the previous year.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 47%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Vedhantha Murugappan 2nd Street aligns with this median at Rs 2,200 per sq.ft.

• Vedhantha Murugappan 1st Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 3rd Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 4th Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai 1st Lane: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai 2nd Lane: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai (Othavadai Street): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhantha Murugappan 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vedhantha Murugappan 2nd Street?

The Sub Registrar Office that covers Vedhantha Murugappan 2nd Street 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 Selavoyal

The guideline value plays a crucial role when buying or selling property in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the applicable fees, which are typically based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vedhantha Murugappan 2nd Street?

The current guideline value of Vedhantha Murugappan 2nd Street is Rs 2,200 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 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the other streets in Selavoyal with the same guideline value?

Other streets in Selavoyal with the same guideline value of Rs 2,200 per sq.ft include Vedhantha Murugappan 1st Street, Vedhantha Murugappan 3rd Street, Vedhantha Murugappan 4th Street, Vedhantha Murugappan Salai 1st Lane, Vedhantha Murugappan Salai 2nd Lane, and Vedhantha Murugappan Salai (Othavadai Street).

What is the stamp duty rate for properties in Vedhantha Murugappan 2nd Street?

The stamp duty rate for properties in Vedhantha Murugappan 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find additional information online.