Guideline Value for M.S. Nagar

M.S. Nagar guideline value

The current guideline value of M.S. Nagar, located in Sothupakkam village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of M.S. Nagar has changed

The guideline value for M.S. Nagar has undergone several revisions over the years. Starting from the 2003 revision, the guideline value was Rs 21 per sq.ft. It saw a significant increase in the 2007 revision to Rs 300 per sq.ft, which was a rise of 1329%. The 2012 revision maintained the value at Rs 400 per sq.ft, but then it dropped to Rs 268 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision raised the value to Rs 400 per sq.ft, and the latest revision in 2024 increased it to Rs 440 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, M.S. Nagar's guideline value has increased by 1995%. The register has no figure for the year 2002 for this street.

Guideline values in Sothupakkam

In Sothupakkam village, there are 49 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 1,150 per sq.ft. The median guideline value is Rs 440 per sq.ft, which is equal to the current guideline value of M.S. Nagar.

• Mutharamman Nagar: Rs 660 per sq.ft (2024)
• Nehru Nagar: Rs 605 per sq.ft (2024)
• Manish Nagar Annex: Rs 440 per sq.ft (2024)
• Manish Nagar: Rs 440 per sq.ft (2024)
• New Star Avenue: Rs 330 per sq.ft (2024)
• Periyapalayam Bhavaniamman Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in M.S. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total charges to Rs 39,600. 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 M.S. Nagar?

The Sub Registrar Office that covers M.S. Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Sothupakkam. It serves as a baseline for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

When a property is sold, the registration office uses the guideline value to calculate the necessary fees. It is essential for both parties to understand that the higher of the guideline value or the sale price will be used for these calculations.

Frequently asked questions

What is the current guideline value of M.S. Nagar?

The current guideline value of M.S. Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 21 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 1995% over this period.

What is the land classification of M.S. Nagar?

M.S. Nagar falls under the Residential Class II Type - I land classification.

Where is the Sub Registrar Office for M.S. Nagar located?

The Sub Registrar Office for M.S. Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in M.S. Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 at 7%.