Guideline Value for Villivakkam Road

Villivakkam Road guideline value

The current guideline value of Villivakkam Road in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Villivakkam Road has changed

The guideline value for Villivakkam Road has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,200 per sq.ft. From 2012 to the latest revision in 2024, the value increased by 33%, bringing it to Rs 1,600 per sq.ft. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002.

In summary, the guideline value for Villivakkam Road has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024. This increase reflects the adjustments made in the guideline values over the years, with the 2024 figure aligning with the median value of Rs 1,600 per sq.ft across 1946 streets in Madhavaram.

Guideline values in Madhavaram

In Madhavaram, the guideline values for various streets range from Rs 1,300 to Rs 7,500 per sq.ft, with a median of Rs 1,600 per sq.ft. Villivakkam Road's 2024 guideline value is equal to this median, indicating its position within the local market.

• Villivakkam Road, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Vinayagapuram BurialGround Rd (Ward No.29): Rs 2,200 per sq.ft (2024)
• Vinayagapuram Vinayagar Koil st (Ward No.29): Rs 2,200 per sq.ft (2024)
• Vinayagapuram (Ward-29): Rs 2,200 per sq.ft (2024)
• Vijay Nagar (Ward-05): Rs 1,300 per sq.ft (2024)
• Vijay Nagar Road 2nd Main Rd (Ward No.5): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Villivakkam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total charges Rs 1,44,000. It is important to note that the 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 Villivakkam Road?

The Sub Registrar Office that covers Villivakkam Road is the Madhavaram Sub Registrar Office, located at 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 property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential components of the property transfer process.

Frequently asked questions

What is the current guideline value of Villivakkam Road?

The current guideline value of Villivakkam Road is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting a 33% increase over this period. There are no recorded figures for the years 2023, 2017, 2007, 2003, and 2002.

What are the stamp duty and registration fees for properties in Villivakkam Road?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Villivakkam Road?

The Madhavaram Sub Registrar Office handles property registrations for Villivakkam Road. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the significance of the guideline value in property transactions?

The guideline value serves as a minimum benchmark for property registration, influencing the stamp duty and registration fees applicable during a transaction. It ensures that the government collects appropriate revenue from property sales.