Guideline Value for West Mada Veedhi

West Mada Veedhi guideline value

The current guideline value of West Mada Veedhi is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of West Mada Veedhi has changed

The guideline value for West Mada Veedhi has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, but then decreased to Rs 2,345 per sq.ft in 2017. The value rose again to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,850 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 157%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing West Mada Veedhi's 2024 figure below this median.

• West Side Part 1 (Alias) Venkateshwara Nagar: Rs 3,850 per sq.ft (2024)
• Yamuna Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony (Vyravaneeswarar Colony): Rs 3,850 per sq.ft (2024)
• V.V. Colony 4th Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony 2nd Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers West Mada Veedhi?

The Sub Registrar Office that covers West Mada Veedhi is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value is often considered as a baseline for property transactions.

When registering a property, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of West Mada Veedhi?

The current guideline value of West Mada Veedhi is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over this period.

What are the stamp duty rates for property in West Mada Veedhi?

The stamp duty for property in West Mada Veedhi is charged at 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for West Mada Veedhi is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for West Mada Veedhi?

West Mada Veedhi is classified as Residential Class II Type - III under the Velacheri SRO.