Guideline Value for MAGALI PILLAI THOTTAM

Magali Pillai Thottam guideline value

The current guideline value of Magali Pillai Thottam is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Magali Pillai Thottam has changed

The guideline value for Magali Pillai Thottam has seen several revisions over the years. In 2012, the value was Rs 5,000 per sq.ft, which then dropped to Rs 3,350 per sq.ft in 2017. This was a decrease of 33%. The value increased significantly to Rs 5,000 per sq.ft in 2023, marking a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, making the 2024 figure for Magali Pillai Thottam below the median.

• Mahalakhsmi Street: Rs 17,600 per sq.ft (2024)
• Madurai Veeran Koil Street: Rs 6,600 per sq.ft (2024)
• Madley Road: Rs 17,600 per sq.ft (2024)
• Madley Ist Street: Rs 8,800 per sq.ft (2024)
• Madley 3rd Street: Rs 8,800 per sq.ft (2024)
• Madley 2nd Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Magali Pillai Thottam

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Magali Pillai Thottam?

The Sub Registrar Office that covers Magali Pillai Thottam is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Tnagar. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the appropriate stamp duty and registration fees are calculated based on this value.

When buying or selling property, it is essential to be aware of the current guideline value, as it can impact the overall cost of the transaction. Buyers should ensure that they are informed about the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Magali Pillai Thottam?

The current guideline value of Magali Pillai Thottam is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the land classification of Magali Pillai Thottam?

Magali Pillai Thottam is classified as Residential Class III Type - II.

What are the stamp duty and registration fees for property in Magali Pillai Thottam?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 4,95,000.

Which Sub Registrar Office covers Magali Pillai Thottam?

The Thiyagaraya nagar Sub Registrar Office covers Magali Pillai Thottam, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.