Guideline Value for MAGALA EARIKKARAI STREET

Magala Earikkarai Street guideline value

The current guideline value of Magala Earikkarai Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO, and is classified as Residential Class V Type - III.

How the guideline value of Magala Earikkarai Street has changed

Over the years, the guideline value of Magala Earikkarai Street has seen several revisions. The 2012 revision set the value at Rs 3,200 per sq.ft, which then decreased to Rs 2,144 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,200 per sq.ft in the 2023 revision, and then to Rs 3,520 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the changes between the revisions are notable. From 2017 to 2023, there was a 49% increase, while the drop from 2012 to 2017 was 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft, with a median value of Rs 9,900 per sq.ft. The guideline value of Magala Earikkarai Street is below this median.

• Mahalakshmi Avenue: Rs 9,900 per sq.ft (2024)
• Mahalakshmi Koil Street: Rs 9,900 per sq.ft (2024)
• Madurai Samy Street: Rs 7,150 per sq.ft (2024)
• Mahatma Gandhi Road: Rs 12,660 per sq.ft (2024)
• Malavia Avenue: Rs 12,660 per sq.ft (2024)
• Malavia Avenue 1st Cross Street: Rs 12,660 per sq.ft (2024)

Stamp duty and registration fee for property in Magala Earikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magala Earikkarai Street?

The Sub Registrar Office that covers Magala Earikkarai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate applicable fees, such as stamp duty and registration fees. This ensures that the transaction is documented accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Magala Earikkarai Street?

The current guideline value of Magala Earikkarai Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2012 to Rs 2,144 per sq.ft in 2017, then back to Rs 3,200 per sq.ft in 2023, and finally to Rs 3,520 per sq.ft in 2024.

What are the other streets in Thiruvanmiyur with their guideline values?

Other streets in Thiruvanmiyur include Mahalakshmi Avenue and Mahalakshmi Koil Street, both at Rs 9,900 per sq.ft, Madurai Samy Street at Rs 7,150 per sq.ft, and Mahatma Gandhi Road, Malavia Avenue, and Malavia Avenue 1st Cross Street, all at Rs 12,660 per sq.ft.

What are the fees associated with buying property on Magala Earikkarai Street?

The fees for a 1,000 sq.ft plot at the current guideline value would include a stamp duty of Rs 2,46,400 and a registration fee of Rs 70,400, totaling Rs 3,16,800.

Where can I find the Sub Registrar Office for Magala Earikkarai Street?

The Sub Registrar Office for Magala Earikkarai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.