Guideline Value for MAGAZINEPURAM 1ST STREET

Magazinepuram 1st Street guideline value

The current guideline value of Magazinepuram 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Magazinepuram 1st Street has changed

The guideline value for Magazinepuram 1st Street has undergone several revisions over the years. In 2003, the guideline value was Rs 369 per sq.ft. This increased to Rs 500 per sq.ft in 2007, marking a significant rise of 36%. The value then saw a substantial jump to Rs 1,500 per sq.ft in 2012, reflecting an increase of 200%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a decline of 33%. The next revision in 2023 set the value at Rs 1,500 per sq.ft, followed by the latest increase to Rs 1,600 per sq.ft in 2024, which is a rise of 7%.

Overall, from 2003 to 2024, the guideline value has increased by 334%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Magazinepuram 1st Street is below this median.

• Magazinepuram 2nd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 3rd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 4th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 5th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 6th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram All Streets: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Magazinepuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Together, the total cost for stamp duty and registration would be Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Magazinepuram 1st Street?

The Sub Registrar Office that covers Magazinepuram 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Perambur. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value is used to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency in property transactions and ensures that the government receives the appropriate taxes based on the property's value.

Frequently asked questions

What is the current guideline value of Magazinepuram 1st Street?

The current guideline value of Magazinepuram 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes from Rs 369 per sq.ft in 2003 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 334% over this period.

What is the stamp duty rate for properties in Magazinepuram 1st Street?

The stamp duty rate for properties in Magazinepuram 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Magazinepuram 1st Street?

The Sub Registrar Office covering Magazinepuram 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the median guideline value for streets in Perambur?

The median guideline value for streets in Perambur under the Purasaivakkam SRO is Rs 2,700 per sq.ft, while Magazinepuram 1st Street's value is below this median.