Guideline Value for Vivekananda St ( Ward No.25 )

Vivekananda St ( Ward No.25 ) guideline value

The current guideline value of Vivekananda St ( Ward No.25 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Vivekananda St ( Ward No.25 ) has changed

The guideline value for Vivekananda St has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, marking a 49% rise. The latest revision in 2024 raised the guideline value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

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 the same as the guideline value for Vivekananda St.

• Vivekananda St, Lakshmipuram (Ward-25): Rs 1,600 per sq.ft (2024)
• V.N.G. Nagar / Street: Rs 1,300 per sq.ft (2024)
• V.N.G. Road (Ward-02): Rs 1,300 per sq.ft (2024)
• V.N.G.Road ( Ward No.2 ): Rs 1,300 per sq.ft (2024)
• V.O.C. 1st Street, Ponniammanmedu (Ward-21): Rs 1,600 per sq.ft (2024)
• V.O.C. 2nd St ( Ward No.21 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda St ( Ward No.25 )

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 fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vivekananda St ( Ward No.25 )?

The Vivekananda St ( Ward No.25 ) falls under 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 plays a crucial role in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the fees are based on a standardized value set by the authorities.

At the time of registration, the guideline value serves as a benchmark for calculating the costs associated with the transfer of property ownership. It is essential for buyers and sellers to be aware of the current guideline value to accurately estimate the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Vivekananda St ( Ward No.25 )?

The current guideline value of Vivekananda St ( Ward No.25 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen several changes, starting from Rs 1,500 in 2012, decreasing to Rs 1,005 in 2017, and then increasing to Rs 1,500 in 2023. The latest revision in 2024 raised it to Rs 1,600 per sq.ft.

What is the land classification for Vivekananda St?

Vivekananda St is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and is responsible for property registrations in the area.