Guideline Value for MAGALAKSHMINAGAR PHASE-I,PHASE-II,PHASE-III

Magalakshminagar Phase-I,Phase-II,Phase-III guideline value

The current guideline value for Magalakshminagar Phase-I, Phase-II, and Phase-III is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Mamandoor village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Magalakshminagar Phase-I,Phase-II,Phase-III has changed

The guideline value for Magalakshminagar has undergone several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft, marking a drop of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 500 per sq.ft. The 2024 revision maintained this figure, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Thus, the only recorded revisions are from 2012, 2017, 2023, and 2024.

Guideline values in Mamandoor

Mamandoor village has a total of 41 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 300 to Rs 1,200 per sq.ft. The median value across these streets is Rs 500 per sq.ft, which aligns with the current guideline value for Magalakshminagar Phase-I, Phase-II, and Phase-III.

• Maruthamalai M.T.C Nagar: Rs 500 per sq.ft (2024)
• K.R. Nagar Extn: Rs 800 per sq.ft (2024)
• K.R. Nagar: Rs 800 per sq.ft (2024)
• M.M.Nagar: Rs 800 per sq.ft (2024)
• Mtc Nagar: Rs 800 per sq.ft (2024)
• N.T.R Garden: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Magalakshminagar Phase-I,Phase-II,Phase-III

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty is calculated at 7%, which totals Rs 35,000, and the registration fee is 2%, amounting to Rs 10,000. Therefore, the total cost for stamp duty and registration fees together is Rs 45,000. It is essential to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magalakshminagar Phase-I,Phase-II,Phase-III?

The Sub Registrar Office that covers Magalakshminagar Phase-I, Phase-II, and Phase-III is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Mamandoor. It is used as a reference point for determining the stamp duty and registration fees that need to be paid when registering a property. Buyers and sellers must be aware of the current guideline value to ensure they are paying the correct fees during the registration process.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Magalakshminagar Phase-I,Phase-II,Phase-III?

The current guideline value for Magalakshminagar Phase-I, Phase-II, and Phase-III is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then back to Rs 500 per sq.ft in 2023 and 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the median guideline value in Mamandoor?

The median guideline value for the 41 streets in Mamandoor is Rs 500 per sq.ft, which is the same as the current guideline value for Magalakshminagar Phase-I, Phase-II, and Phase-III.

What are the stamp duty and registration fees for a property in Magalakshminagar?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.