Guideline Value for Vinayagar Nagar (Ward-29)

Vinayagar Nagar (Ward-29) guideline value

The current guideline value of Vinayagar Nagar (Ward-29) is Rs 1,600 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 II Type - I.

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

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This remained unchanged until the 2023 revision, which also recorded Rs 1,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, 2007, and 2017 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, which is equal to the current guideline value of Vinayagar Nagar (Ward-29).

• Vinayagar Nagar (Vinayagapuram): Rs 2,200 per sq.ft (2024)
• Vinayagar Koil st (Ward No.26): Rs 2,200 per sq.ft (2024)
• Vinayagar Koil St (Ward-29): Rs 2,200 per sq.ft (2024)
• Vinayagar Koil Street (Vinayagapuram): Rs 2,200 per sq.ft (2024)
• Vinobaji St, Ponniammanmedu (Ward-22): Rs 1,600 per sq.ft (2024)
• Vinobaji Street (Ponniamman Medu): Rs 1,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the 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, resulting in a total of Rs 1,44,000. 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 Vinayagar Nagar (Ward-29)?

The Sub Registrar Office that covers Vinayagar 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 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 determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value or the sale price, whichever is higher, is used to assess the applicable duties. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

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

The current guideline value of Vinayagar 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 remained at Rs 1,500 per sq.ft from 2012 to 2023, before increasing to Rs 1,600 per sq.ft in 2024. This represents a 7% increase from the previous year.

What is the land classification of Vinayagar Nagar (Ward-29)?

Vinayagar Nagar (Ward-29) is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated for properties in Vinayagar Nagar (Ward-29)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.