Guideline Value for Vignesh Nagar (Ward-29)

Vignesh Nagar (Ward-29) guideline value

The current guideline value of Vignesh Nagar (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Vignesh Nagar (Ward-29) has changed

The guideline value for Vignesh Nagar has seen several revisions over the years. In the 2012 revision, the value was Rs 1,500 per sq.ft. This decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a drop of 33%. However, from 2017 to the 2024 revision, the value increased significantly to Rs 1,600 per sq.ft, reflecting a rise of 59%.

Overall, comparing the 2012 revision to the 2024 revision, there has been a slight increase of 7%. It is important to note that the guideline value register has no figures for the years 2002, 2003, 2007, and 2023 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. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Vignesh Nagar.

• Vignesh Nagar, Vinayagapuram (Ward-29): Rs 1,600 per sq.ft (2024)
• Vignesh Apartments, MRH Road (Ward-10): Rs 2,200 per sq.ft (2024)
• Vidya Nagar, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Vidya Nagar: Rs 2,700 per sq.ft (2024)
• Victory Field (Ward-18): Rs 1,300 per sq.ft (2024)
• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar (Ward-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vignesh Nagar (Ward-29)?

The Sub Registrar Office that covers Vignesh Nagar (Ward-29) 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 in the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value of properties, ensuring that transactions are conducted at fair values as per the state's regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and helps prevent undervaluation during the registration process.

Frequently asked questions

What is the current guideline value of Vignesh Nagar (Ward-29)?

The current guideline value of Vignesh Nagar (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2024. This reflects a decrease of 33% from 2012 to 2017, followed by a 59% increase from 2017 to 2024.

What is the land classification of Vignesh Nagar?

Vignesh Nagar is classified as Residential Class II Type - I under the Madhavaram SRO.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property in Vignesh Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000, leading to a stamp duty of Rs 1,12,000.