Guideline Value for Collector Nagar

Collector Nagar guideline value

The current guideline value of Collector Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village under the Konnur SRO, classified as Residential Special Type - I.

How the guideline value of Collector Nagar has changed

The guideline value for Collector Nagar has seen several revisions over the years. In 2002, the value was Rs 566 per sq.ft, which increased to Rs 622 per sq.ft in 2003. The next significant jump occurred in 2007, when the value rose to Rs 1,200 per sq.ft. Following that, the value increased dramatically to Rs 6,500 per sq.ft in 2012, but then dropped to Rs 4,355 per sq.ft in 2017. The most recent revisions show a rise to Rs 6,500 per sq.ft in 2023 and finally to Rs 7,100 per sq.ft in 2024.

Between these revisions, the changes were notable. The value increased by 10% from 2002 to 2003, followed by a 93% rise from 2003 to 2007. The value then saw a staggering increase of 442% from 2007 to 2012, but it declined by 33% from 2012 to 2017. A significant 49% increase was recorded from 2017 to 2023, culminating in a 9% rise from 2023 to 2024.

Guideline values in Mugappair

In Mugappair village, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The guideline value for Collector Nagar is equal to the median value of Rs 7,100 per sq.ft. Below are the guideline values for other streets in Mugappair:

• Church Road - I: Rs 7,100 per sq.ft (2024)
• Church Road - II: Rs 7,100 per sq.ft (2024)
• Church Road - III: Rs 3,800 per sq.ft (2024)
• Devadoss Street: Rs 7,100 per sq.ft (2024)
• Chandrasekar Street: Rs 3,800 per sq.ft (2024)
• Burner Salai: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Collector Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees together to Rs 6,39,000. It is important to note that 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 Collector Nagar?

The Collector Nagar area falls under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

When buying or selling property in Mugappair, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is the minimum value set by the government for property transactions, ensuring that the transaction is registered at a fair value.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the property's value as per the guidelines set forth.

Frequently asked questions

What is the current guideline value for Collector Nagar?

The current guideline value for Collector Nagar is Rs 7,100 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 566 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, with various increases and decreases in between.

What are the stamp duty rates for property in Collector Nagar?

The stamp duty for property in Collector Nagar is set at 7%, calculated on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Collector Nagar?

The Sub Registrar Office for Collector Nagar is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What are the guideline values for other streets in Mugappair?

Other streets in Mugappair have varying guideline values, with some streets like Church Road - I and Devadoss Street also having a guideline value of Rs 7,100 per sq.ft in 2024.