Guideline Value for Victory Field (Ward-18)

Victory Field (Ward-18) guideline value

The current guideline value of Victory Field (Ward-18) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Victory Field (Ward-18) has changed

Over the years, the guideline value of Victory Field (Ward-18) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision. However, the latest revision in 2024 has increased the value to Rs 1,300 per sq.ft, marking a significant increase of 62% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, there has been a modest increase of 8%.

It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street. The 2012 to 2017 revision saw a decrease of 33%, which highlights the fluctuations in the guideline value over the years.

Guideline values in Madhavaram

In Madhavaram village, 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. The median value for these streets is Rs 1,600 per sq.ft, placing Victory Field (Ward-18) below this median value.

• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)
• Victory Fields Extension: Rs 2,200 per sq.ft (2024)
• Victory Fields: Rs 1,300 per sq.ft (2024)
• Victory Field (Near MRH Road) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Field (Interior) (Ward-16): Rs 1,300 per sq.ft (2024)
• Vidya Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Victory Field (Ward-18)

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, bringing the total cost for these fees to Rs 1,17,000. 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 Victory Field (Ward-18)?

The Sub Registrar Office that covers Victory Field (Ward-18) 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 Madhavaram

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are conducted at a fair price as per the local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers and sellers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Victory Field (Ward-18)?

The current guideline value of Victory Field (Ward-18) 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 changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. There are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

What are the stamp duty and registration fees for property in Victory Field (Ward-18)?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Victory Field (Ward-18)?

The Madhavaram Sub Registrar Office covers Victory Field (Ward-18), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Victory Field (Ward-18)?

The land classification for Victory Field (Ward-18) is Residential Class III Type - I, indicating its designation for residential purposes within the area.