Guideline Value for Veerasamy Nagar (Ward-03)

Veerasamy Nagar (Ward-03) guideline value

The current guideline value of Veerasamy Nagar (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Veerasamy Nagar (Ward-03) has changed

In the 2012 revision, the guideline value for Veerasamy Nagar was Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register does not provide figures for the years 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 for Veerasamy Nagar is below this median.

• Veerasami Nagar: 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 Veerasamy Nagar (Ward-03)

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 amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of 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 Veerasamy Nagar (Ward-03)?

The Sub Registrar Office that covers Veerasamy Nagar (Ward-03) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for additional information.

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

The guideline value is a crucial factor in property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value influences the stamp duty and registration fees applicable during the transaction.

When purchasing property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for both buyers and sellers to consider the guideline value when negotiating sale prices to ensure compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Veerasamy Nagar (Ward-03)?

The current guideline value of Veerasamy Nagar (Ward-03) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Veerasamy Nagar was Rs 1,200 per sq.ft in 2012 and remained the same in 2023. It increased to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% rise from the previous year.

What is the land classification for Veerasamy Nagar?

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

Which Sub Registrar Office serves Veerasamy Nagar?

The Madhavaram Sub Registrar Office serves Veerasamy Nagar (Ward-03), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

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