Guideline Value for Vedhantha Murugappan Salai 1st Lane

Vedhantha Murugappan Salai 1st Lane guideline value

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

How the guideline value of Vedhantha Murugappan Salai 1st Lane has changed

The guideline value for Vedhantha Murugappan Salai 1st Lane has undergone several revisions over the years. The earliest available figure is from 2012, where the value was Rs 1,500 per sq.ft. In 2017, this increased to Rs 1,340 per sq.ft, a decrease of 11%. Following this, the value rose significantly to Rs 2,000 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for 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 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 the same as the current guideline value for Vedhantha Murugappan Salai 1st Lane.

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

Stamp duty and registration fee for property in Vedhantha Murugappan Salai 1st Lane

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 to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vedhantha Murugappan Salai 1st Lane?

The Sub Registrar Office that covers Vedhantha Murugappan Salai 1st Lane 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 is a crucial factor in the registration of property transactions in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value for Vedhantha Murugappan Salai 1st Lane?

The current guideline value for Vedhantha Murugappan Salai 1st Lane 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 2,200 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the stamp duty rate applicable for property in Vedhantha Murugappan Salai 1st Lane?

The stamp duty rate for property in Vedhantha Murugappan Salai 1st Lane is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Vedhantha Murugappan Salai 1st Lane?

Vedhantha Murugappan Salai 1st Lane falls under the Residential Class II Type - I land classification.