Guideline Value for Victory Fields Santham Nagar

Victory Fields Santham Nagar guideline value

The current guideline value of Victory Fields Santham Nagar is Rs 2,200 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 I Type - I.

How the guideline value of Victory Fields Santham Nagar has changed

The guideline value for Victory Fields Santham Nagar has seen several revisions over the years. The 2012 revision set the guideline value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. The value increased significantly to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 raised it further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 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 Victory Fields Santham Nagar's 2024 guideline value above this median.

• Victory Fields Extension: Rs 2,200 per sq.ft (2024)
• Victory Field (Ward-18): Rs 1,300 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 Fields Santham Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Victory Fields Santham Nagar?

The Madhavaram Sub Registrar Office covers Victory Fields Santham Nagar. The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. 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 when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the context of local regulations. It is important to note that the final registration fees are based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Victory Fields Santham Nagar?

The current guideline value of Victory Fields Santham Nagar 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which is below the current guideline value of Victory Fields Santham Nagar.

What are the stamp duty and registration fees for property in Victory Fields Santham Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total costs would amount to Rs 1,98,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for Victory Fields Santham Nagar.