Guideline Value for Vedhantha Murugappan Salai 2nd Lane

Vedhantha Murugappan Salai 2nd Lane guideline value

The current guideline value of Vedhantha Murugappan Salai 2nd Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village, under the Madhavaram Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Vedhantha Murugappan Salai 2nd Lane has changed

The guideline value for Vedhantha Murugappan Salai 2nd Lane has seen several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The next revision in 2023 increased the value to Rs 2,000 per sq.ft, and the most recent revision in 2024 raised it further to Rs 2,200 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. There was a significant rise of 49% from 2017 to 2023. However, there was a decrease of 11% from 2012 to 2017. 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. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Vedhantha Murugappan Salai 2nd Lane. Below are the guideline values for other streets in Selavoyal:

• Vedhantha Murugappan Salai 1st Lane: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai (Othavadai Street): Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan 4th Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugar Naicken 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 2nd 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 cost 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vedhantha Murugappan Salai 2nd Lane?

The Sub Registrar Office that covers Vedhantha Murugappan Salai 2nd Lane is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Selavoyal

The guideline value is a crucial factor 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 need to be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded accurately. This helps in maintaining transparency and accountability in property dealings within the region.

Frequently asked questions

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

The current guideline value of Vedhantha Murugappan Salai 2nd 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, reflecting an overall increase of 47% over this period.

What is the land classification for Vedhantha Murugappan Salai 2nd Lane?

The land classification for Vedhantha Murugappan Salai 2nd Lane is 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 stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at a rate of 7%.