Guideline Value for G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (Mig Flats)

G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) guideline value

The current guideline value for G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) is Rs 14,800 per sq.ft, effective from 1 July 2024. This property is located in Thirumangalam village under the AnnaNagar SRO, classified as Residential Class I Type - I.

How the guideline value of G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) has changed

Since the 2007 revision, the guideline value for G- Block (West)-2nd Avenue has seen an overall increase of 10%, moving from Rs 13,500 per sq.ft in 2007 to Rs 14,800 per sq.ft in 2024. The revisions over the years are as follows: In 2012, the value was Rs 13,500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 9,045 per sq.ft, marking a decrease of 33%. The value then rose significantly to Rs 13,500 per sq.ft in 2023, followed by a further increase of 10% to the current rate of Rs 14,800 per sq.ft in 2024.

The 2023 revision recorded a guideline value of Rs 13,500 per sq.ft, which was a 49% increase from the Rs 9,045 per sq.ft in 2017. Notably, there are no figures available for the revisions of 2002 and 2003 for this street.

Guideline values in Thirumangalam

In Thirumangalam, there are 149 streets under the AnnaNagar SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 15,900 per sq.ft, with a median value of Rs 11,500 per sq.ft. The guideline value for G- Block (West)-2nd Avenue is above this median.

• G Block west 1st Street: Rs 11,500 per sq.ft (2024)
• G Block west 2nd Street: Rs 11,500 per sq.ft (2024)
• G Block west 18th Street: Rs 11,500 per sq.ft (2024)
• G Block west 17th Street: Rs 11,500 per sq.ft (2024)
• G Block west 16th Street: Rs 11,500 per sq.ft (2024)
• G Block west 15th Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats)

For a 1,000 sq.ft plot at the current guideline value of Rs 14,800 per sq.ft, the total guideline value amounts to Rs 1,48,00,000. The stamp duty at 7% would be Rs 10,36,000, and the registration fee at 2% would be Rs 2,96,000, bringing the total cost for these fees to Rs 13,32,000. It is important to note that 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 G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats)?

The G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) falls under the jurisdiction of the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Thirumangalam. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately determine the costs involved in the registration process.

When a property is sold, the guideline value is compared to 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 correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for G- Block (West)-2nd Avenue?

The current guideline value for G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) is Rs 14,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 13,500 per sq.ft in 2023 to Rs 14,800 per sq.ft in 2024, a rise of 10%.

What is the land classification for this property?

The land classification for G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats) is Residential Class I Type - I.

Which office handles registrations for this area?

The AnnaNagar Sub Registrar Office handles registrations for properties in this area, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Thirumangalam?

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 1,48,00,000 would incur a stamp duty of Rs 10,36,000 at a rate of 7%.