Guideline Value for Victory Fields

Victory Fields guideline value

The current guideline value of Victory Fields, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Victory Fields has changed

The guideline value for Victory Fields has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. However, this figure decreased significantly to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. The most recent revision in 2024 has seen a substantial increase to Rs 1,300 per sq.ft, which represents a 62% rise from the 2017 figure.

Overall, comparing the values from 2012 to 2024, there has been a slight increase of 8%. Notably, there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

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 Victory Fields is below this median.

• Victory Field (Near MRH Road) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Fields Extension: Rs 2,200 per sq.ft (2024)
• Victory Field (Interior) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)
• Victory Field (Ward-18): 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

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, charged at 7%, would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000. Together, this would total Rs 1,17,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Victory Fields?

The Madhavaram Sub Registrar Office covers Victory Fields. The address is 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 applicable to the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Victory Fields?

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

How much 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.

What are the stamp duty rates applicable in Victory Fields?

The stamp duty rate applicable in Victory Fields is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers the area of Victory Fields?

The Madhavaram Sub Registrar Office covers the area of Victory Fields, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Victory Fields?

Victory Fields is classified under Residential Class III Type - I, indicating its designation for residential purposes within the Madhavaram area.