Guideline Value for HAPPY BAY

Happy Bay guideline value

The current guideline value of Happy Bay, located in Mugaiyoor village under the Cheyyur SRO, is Rs 400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Happy Bay has changed

The guideline value for Happy Bay has seen several revisions over the years. In the 2007 revision, the value was set at Rs 110 per sq.ft, which increased to Rs 268 per sq.ft in 2017, marking a significant rise of 144%. The 2023 revision maintained the value at Rs 400 per sq.ft, which remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 264%. The register has no figures for the years 2002, 2003, and 2012 for this street.

Guideline values in Mugaiyoor

In Mugaiyoor, there are seven streets under the Cheyyur SRO that have a 2024 guideline value ranging from Rs 400 to Rs 1,000 per sq.ft, with a median value of Rs 600 per sq.ft. Happy Bay's 2024 guideline value is below this median.

• Happy Bay Annexe: Rs 400 per sq.ft (2024)
• Muthu Nagar: Rs 600 per sq.ft (2024)
• Radiance Marina: Rs 600 per sq.ft (2024)
• Sea Breaze: Rs 400 per sq.ft (2024)
• Ocean Abode: Rs 1,000 per sq.ft (2024)
• Vanavil Bala Beach: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Happy Bay

For a 1,000 sq.ft plot at the current rate of Rs 400 per sq.ft, the guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, totaling Rs 36,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Happy Bay?

The Happy Bay area falls under the Cheyyur Sub Registrar Office, located at 3/156, Salt Road, Cheyyur- 603 302, Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role when buying or selling property in Mugaiyoor. It is used as a reference for determining the stamp duty and registration fees that need to be paid during the property transaction.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. 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 Happy Bay?

The current guideline value of Happy Bay is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 110 per sq.ft in 2007 to Rs 400 per sq.ft in 2024, representing an overall increase of 264% over the years.

What are the other streets in Mugaiyoor with guideline values?

Other streets in Mugaiyoor include Happy Bay Annexe, Muthu Nagar, Radiance Marina, Sea Breaze, Ocean Abode, and Vanavil Bala Beach, with values ranging from Rs 400 to Rs 1,000 per sq.ft.

What fees are associated with buying property in Happy Bay?

When buying property in Happy Bay, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Happy Bay?

The Sub Registrar Office covering Happy Bay is located at 3/156, Salt Road, Cheyyur- 603 302, Chengalpattu registration zone.