Guideline Value for Vedhantha Murugappan Salai (Othavadai Street)

Vedhantha Murugappan Salai (Othavadai Street) guideline value

The current guideline value of Vedhantha Murugappan Salai (Othavadai Street) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO, with a land classification of Residential Class II Type - I.

How the guideline value of Vedhantha Murugappan Salai (Othavadai Street) has changed

The guideline value for Vedhantha Murugappan Salai has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 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 village, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Vedhantha Murugappan Salai (Othavadai Street).

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

Stamp duty and registration fee for property in Vedhantha Murugappan Salai (Othavadai Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vedhantha Murugappan Salai (Othavadai Street)?

The Sub Registrar Office that covers Vedhantha Murugappan Salai (Othavadai Street) 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 Selavoyal

The guideline value plays a crucial role in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to the government during the transaction.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vedhantha Murugappan Salai (Othavadai Street)?

The current guideline value of Vedhantha Murugappan Salai (Othavadai 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Vedhantha Murugappan Salai?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in Selavoyal?

The Madhavaram Sub Registrar Office handles property registrations in Selavoyal, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Vedhantha Murugappan Salai?

The land classification of Vedhantha Murugappan Salai is Residential Class II Type - I, indicating its suitability for residential purposes.