Guideline Value for M.I.T. Nagar

M.I.T. Nagar guideline value

The current guideline value for M.I.T. Nagar is Rs 2,000 per sq.ft as per the 2023 revision. This area is located in Kilambakkam village and falls under the Gooduvancheri SRO. The land classification for this street is Mixed Special Type - I.

How the guideline value of M.I.T. Nagar has changed

The guideline value of M.I.T. Nagar has undergone several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 1,000 per sq.ft. This value increased significantly to Rs 2,000 per sq.ft in the 2012 revision, marking a 100% increase. However, by 2017, the guideline value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The most recent revision in 2023 saw the guideline value rise again to Rs 2,000 per sq.ft, representing a 49% increase from 2017.

Overall, from the 2007 revision to the 2023 revision, the guideline value has increased by 100%. It is important to note that the register has no figures for the years 2002, 2003, and 2024 for this street.

Guideline values in Kilambakkam

While specific village figures are not provided, M.I.T. Nagar is part of the Kilambakkam area, which is covered by the Gooduvancheri SRO. There are no other streets in Kilambakkam listed with guideline values.

Stamp duty and registration fee for property in M.I.T. Nagar

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

Which Sub Registrar Office covers M.I.T. Nagar?

The M.I.T. Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kilambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Additionally, the guideline value helps ensure transparency in property transactions, as it provides a standardized measure for assessing property values within the area. This system is designed to facilitate smoother transactions and protect the interests of all parties involved.

Frequently asked questions

What is the current guideline value of M.I.T. Nagar?

The current guideline value of M.I.T. Nagar 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 several times, with the most recent revision in 2023 being Rs 2,000 per sq.ft. It was Rs 1,340 per sq.ft in 2017, Rs 2,000 per sq.ft in 2012, and Rs 1,000 per sq.ft in 2007.

What are the stamp duty and registration fees for property in M.I.T. Nagar?

For a property valued at Rs 20,00,000, the stamp duty would be Rs 1,40,000 and the registration fee would be Rs 40,000, totaling Rs 1,80,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I visit for M.I.T. Nagar?

The Gooduvancheri Sub Registrar Office covers M.I.T. Nagar. It is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

Are there other streets in Kilambakkam with guideline values?

No specific other streets in Kilambakkam have been listed with guideline values. M.I.T. Nagar is the only street mentioned for this area.