Guideline Value for MAGASTIC PHASE I

Magastic Phase I guideline value

The current guideline value of Magastic Phase I is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Medavakkam village, under the Chennai South Joint I SRO, with a land classification of Commercial Class I Type - III.

How the guideline value of Magastic Phase I has changed

The guideline value for Magastic Phase I has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has raised it to Rs 2,750 per sq.ft.

From 2012 to 2017, the value decreased by 33%. However, there was a significant increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Magastic Phase I above this median.

• Madura Vadakku Pattu: Rs 2,750 per sq.ft (2024)
• Madura Ranganathapuram: Rs 2,200 per sq.ft (2024)
• Maduraiveeran Koil Street Annex: Rs 1,870 per sq.ft (2024)
• Madurai Veeran Koil Street: Rs 1,870 per sq.ft (2024)
• L.R. Avenue: Rs 2,200 per sq.ft (2024)
• Malles Ahaana: Rs 5,090 per sq.ft (2024)

Stamp duty and registration fee for property in Magastic Phase I

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Magastic Phase I?

Magastic Phase I falls under 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 information.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the costs associated with the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Magastic Phase I?

The current guideline value of Magastic Phase I is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being an increase from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. The value was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification of Magastic Phase I?

Magastic Phase I is classified as Commercial Class I Type - III, which indicates its intended use for commercial activities.

What is the registration office for Magastic Phase I?

The registration office for Magastic Phase I 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.

How is the stamp duty calculated for properties in Magastic Phase I?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.