Guideline Value for MAGALAKSHMI NAGAR

Magalakshmi Nagar guideline value

The current guideline value of Magalakshmi Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This locality is situated in Maiyur village, under the Chengleput Joint II SRO, and is classified as Residential Class I Type - I.

How the guideline value of Magalakshmi Nagar has changed

Over the years, the guideline value for Magalakshmi Nagar has seen several revisions. The 2012 revision set the value at Rs 400 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 268 per sq.ft. This was followed by a significant increase to Rs 400 per sq.ft in the 2023 revision, which has remained the same in the 2024 revision, indicating no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%, while the value from 2012 to 2017 saw a decrease of 33%. Overall, comparing the 2012 and 2024 revisions, there has been no change in the guideline value, maintaining at Rs 400 per sq.ft.

Guideline values in Maiyur

In Maiyur village, there are 28 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 700 per sq.ft, with the median being Rs 400 per sq.ft. The guideline value for Magalakshmi Nagar is equal to this median.

• Krishna Nagar: Rs 400 per sq.ft (2024)
• Karunai Nagar: Rs 400 per sq.ft (2024)
• Indirangandhi Town: Rs 700 per sq.ft (2024)
• Hariyagrivar Nagar: Rs 400 per sq.ft (2024)
• Green Park Avenue: Rs 400 per sq.ft (2024)
• Green City: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Magalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total 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, bringing the total fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magalakshmi Nagar?

The Sub Registrar Office that covers Magalakshmi Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Maiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures that both parties are aware of the financial obligations involved in the property transfer.

Frequently asked questions

What is the current guideline value of Magalakshmi Nagar?

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

How has the guideline value changed over the years?

The guideline value for Magalakshmi Nagar has seen various revisions, with the most recent being Rs 400 per sq.ft in 2024, unchanged from 2023. The value was Rs 268 per sq.ft in 2017 and Rs 400 per sq.ft in 2012.

What are the other streets in Maiyur with similar guideline values?

Other streets in Maiyur with a guideline value of Rs 400 per sq.ft include Krishna Nagar, Karunai Nagar, Hariyagrivar Nagar, Green Park Avenue, and Green City. Indirangandhi Town has a higher guideline value of Rs 700 per sq.ft.

What fees are associated with property transactions in Magalakshmi Nagar?

When purchasing property in Magalakshmi Nagar, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total fees of Rs 36,000.

Where can I find the Sub Registrar Office for Magalakshmi Nagar?

The Sub Registrar Office covering Magalakshmi Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles all property registrations in the area.