Guideline Value for Veerasami Nagar

Veerasami Nagar guideline value

The current guideline value of Veerasami Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This locality is situated in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Veerasami Nagar has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, where it continued to be Rs 1,200 per sq.ft. In the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. The register has no figures for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Veerasami Nagar is below this median.

• Veerasamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Veerapathiran Street (Ward-23): Rs 1,300 per sq.ft (2024)
• 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)
• Velan Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Veerasami Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be 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, totaling Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veerasami Nagar?

The Sub Registrar Office that covers Veerasami Nagar 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 during property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers need to pay when purchasing property in the area.

When selling property, the guideline value also serves as a benchmark for the sale price, ensuring that the transaction is registered at a value that reflects the official rates set by the Registration Department.

Frequently asked questions

What is the current guideline value of Veerasami Nagar?

The current guideline value of Veerasami Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Veerasami Nagar has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 8% over this period.

What are the registration fees for property in Veerasami Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

What is the classification of land in Veerasami Nagar?

Veerasami Nagar is classified as Residential Class III Type - I, indicating its designation for residential use.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it serves the registration needs for properties in this area.