Guideline Value for madura otteri

Madura Otteri guideline value

The current guideline value of Madura Otteri is Rs 2,000 per sq.ft, as per the 2023 revision. This area falls under Vandalur village and is registered with the Gooduvancheri SRO. The land classification for this locality is Mixed Special Type - I.

How the guideline value of Madura Otteri has changed

The guideline value for Madura Otteri has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. However, the 2023 revision saw a significant increase to Rs 2,000 per sq.ft, representing a rise of 49% from the 2017 figure.

Overall, from the 2012 revision to the 2023 revision, the guideline value has remained stable, showing no change. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2024 for this street.

Guideline values in Vandalur

Currently, there are no specific guideline values provided for other streets in Vandalur. Madura Otteri is part of the Gooduvancheri SRO, which oversees the registration for this area.

Stamp duty and registration fee for property in Madura Otteri

For a 1,000 sq.ft plot at the current rate of Rs 2,000 per sq.ft, the guideline value amounts to Rs 20,00,000. The stamp duty, charged at 7%, would be Rs 1,40,000, while the registration fee at 2% would be Rs 40,000. Together, these costs total Rs 1,80,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Madura Otteri?

The Sub Registrar Office covering Madura Otteri is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vandalur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the registration department.

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

Frequently asked questions

What is the current guideline value of Madura Otteri?

The current guideline value of Madura Otteri is Rs 2,000 per sq.ft, as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023. Overall, there has been no change from 2012 to 2023.

What is the land classification for Madura Otteri?

The land classification for Madura Otteri is Mixed Special Type - I, indicating its varied usage potential.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated in Madura Otteri?

Stamp duty in Madura Otteri is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 20,00,000, the stamp duty would be Rs 1,40,000 at a rate of 7%.