Guideline Value for WEST MADA VEETHI

West Mada Veethi guideline value

The current guideline value of West Mada Veethi is Rs 7,150 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of West Mada Veethi has changed

The guideline value of West Mada Veethi has seen significant changes over the years. In 2002, the guideline value was Rs 837 per sq.ft, which increased to Rs 926 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,800 per sq.ft in 2007, marking an increase of 94%. The value then surged to Rs 6,500 per sq.ft in 2012, reflecting a remarkable growth of 261%. However, it decreased to Rs 4,355 per sq.ft in 2017, showing a decline of 33%. The guideline value then rose sharply to Rs 6,500 per sq.ft in 2023, before reaching the current value of Rs 7,150 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 754%. The register has no figures for the years not listed, ensuring that all changes are accounted for accurately.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing West Mada Veethi's 2024 figure below this median.

• West Tankview Street: Rs 7,150 per sq.ft (2024)
• West Kulakari Veethi: Rs 7,150 per sq.ft (2024)
• Yamuna Street: Rs 11,000 per sq.ft (2024)
• Watter Land Drive: Rs 11,000 per sq.ft (2024)
• Vikram Sarabai Instronics Estate: Rs 12,650 per sq.ft (2024)
• Vembuli Amman Kovil Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in West Mada Veethi

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, bringing the total to Rs 6,43,500. It's 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 further assistance.

Which Sub Registrar Office covers West Mada Veethi?

The Sub Registrar Office that covers West Mada Veethi is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Thiruvanmiyur

The guideline value plays a crucial role during the registration of property transactions in Thiruvanmiyur. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on an official valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value, as it influences the overall cost of the transaction. Buyers should ensure that they are informed about the current rates to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of West Mada Veethi?

The current guideline value of West Mada Veethi is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 837 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 754%.

What is the land classification for West Mada Veethi?

West Mada Veethi is classified as Residential Class IV Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for West Mada Veethi?

The Sub Registrar Office for West Mada Veethi is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in West Mada Veethi?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total cost of Rs 6,43,500 for stamp duty and registration fees.