Guideline Value for West Mada Veedhi

West Mada Veedhi guideline value

The current guideline value of West Mada Veedhi is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Nandhambakkam village under the Alandur SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of West Mada Veedhi has changed

The guideline value of West Mada Veedhi has undergone several revisions over the years. In 2017, the value was Rs 2,680 per sq.ft. This increased to Rs 4,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has set the value at Rs 4,400 per sq.ft, an increase of 10% from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Nandhambakkam

Nandhambakkam village has a range of guideline values across its 76 streets under the Alandur SRO, with figures for 2024 ranging from Rs 2,200 to Rs 8,300 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing West Mada Veedhi's 2024 figure above this median.

• West Mada Street: Rs 4,400 per sq.ft (2024)
• West Kulakkarai Street: Rs 3,900 per sq.ft (2024)
• Wood creek county Main: Rs 6,600 per sq.ft (2024)
• Wood creek county phase 2: Rs 6,600 per sq.ft (2024)
• Vempuliyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Vasanthacolony: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in West Mada Veedhi

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers West Mada Veedhi?

The Sub Registrar Office that covers West Mada Veedhi is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nandhambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is not undervalued during the transaction.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of West Mada Veedhi?

The current guideline value of West Mada Veedhi is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,680 per sq.ft in 2017 to Rs 4,000 per sq.ft in 2023, and then to Rs 4,400 per sq.ft in 2024, reflecting significant increases over the years.

What is the land classification for West Mada Veedhi?

West Mada Veedhi falls under the Residential Class I Type - III land classification.

Where can I find the registration office for West Mada Veedhi?

The registration office for West Mada Veedhi is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Nandhambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.