Guideline Value for West mada Veedhi 2nd Street

West mada Veedhi 2nd Street guideline value

The current guideline value of West mada Veedhi 2nd Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of West mada Veedhi 2nd Street has changed

The guideline value for West mada Veedhi 2nd Street has seen significant changes over the years. In 2002, the guideline value was Rs 365 per sq.ft. This increased to Rs 400 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. A substantial jump occurred in 2012, where the value was recorded at Rs 2,750 per sq.ft. However, this figure dropped to Rs 1,842 per sq.ft in 2017. The guideline value then increased to Rs 2,750 per sq.ft in 2023, before reaching the current value of Rs 3,050 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2002 to 2003, there was a 10% increase; from 2003 to 2007, a 25% increase; and from 2007 to 2012, a significant 450% increase. However, from 2012 to 2017, there was a decrease of 33%. The value then rose by 49% from 2017 to 2023 and increased by 11% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 736%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, which is equal to the current value of West mada Veedhi 2nd Street.

• West Mada Veedhi 1st Street: Rs 3,050 per sq.ft (2024)
• West Mada Veedhi 3rd Street: Rs 3,050 per sq.ft (2024)
• West Mada Veedhi 4th Street: Rs 3,050 per sq.ft (2024)
• West Mada Veedhi 5th Street: Rs 3,050 per sq.ft (2024)
• West Mada Veedhi Main Road: Rs 3,050 per sq.ft (2024)
• Viswasnagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in West mada Veedhi 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value would be Rs 30,50,000. The stamp duty at 7% would amount to Rs 2,13,500, while the registration fee at 2% would be Rs 61,000, bringing the total to Rs 2,74,500. It is important to note that 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 2nd Street?

The Sub Registrar Office that covers West mada Veedhi 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property transaction occurs, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that all property transactions are conducted transparently and in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of West mada Veedhi 2nd Street?

The current guideline value of West mada Veedhi 2nd Street is Rs 3,050 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 365 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 736% over this period.

What is the land classification for West mada Veedhi 2nd Street?

The land classification for West mada Veedhi 2nd Street is Residential Class III Type - I.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 30,50,000, the stamp duty would be Rs 2,13,500 and the registration fee would be Rs 61,000, totaling Rs 2,74,500.

Which office handles registrations for West mada Veedhi 2nd Street?

The Virugambakkam Sub Registrar Office handles registrations for West mada Veedhi 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.