Guideline Value for Veerapathiran Street (Ward-23)

Veerapathiran Street (Ward-23) guideline value

The current guideline value of Veerapathiran Street (Ward-23) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Veerapathiran Street (Ward-23) has changed

Over the years, the guideline value of Veerapathiran Street has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO with 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, placing Veerapathiran Street's 2024 figure below that median.

• Veerapandian st (Ward No.22): Rs 1,300 per sq.ft (2024)
• Veerapandian Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Veerapandian St, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)
• Veerasami Nagar: Rs 1,300 per sq.ft (2024)
• Veerasamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Vedhagiri Rao Avenue: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Veerapathiran Street (Ward-23)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, resulting in a total of Rs 1,17,000. 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 precise calculations.

Which Sub Registrar Office covers Veerapathiran Street (Ward-23)?

The Sub Registrar Office that covers Veerapathiran Street (Ward-23) 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 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 stamp duty and registration fees, ensuring that the transaction is recorded at a legally recognized value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. This value helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Veerapathiran Street (Ward-23)?

The current guideline value of Veerapathiran Street (Ward-23) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,200 per sq.ft from 2012 to 2023 and increased to Rs 1,300 per sq.ft in 2024. Overall, there has been an 8% increase in the guideline value from 2012 to 2024.

What is the land classification of Veerapathiran Street?

Veerapathiran Street is classified as Residential Class III Type - I, indicating its primary use for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. It is the office responsible for property registrations in this area.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.