Guideline Value for MAGAZINEPURAM 2ND STREET

Magazinepuram 2nd Street guideline value

The current guideline value of Magazinepuram 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Magazinepuram 2nd Street has changed

The guideline value for Magazinepuram 2nd Street has seen several revisions over the years. Starting from the 2003 revision, the guideline value was Rs 369 per sq.ft. This increased to Rs 500 per sq.ft in 2007, reflecting a 36% rise. The value then jumped significantly to Rs 1,500 per sq.ft in 2012, marking a 200% increase. However, it decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%. The most recent revisions show a rise to Rs 1,500 per sq.ft in 2023, followed by another increase to Rs 1,600 per sq.ft in 2024, which is a 7% change.

As per the register, there is no figure available for the year 2002 for Magazinepuram 2nd Street. Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 334%.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a guideline value for 2024, 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 of Magazinepuram 2nd Street is below this median.

• Magazinepuram 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to 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 further calculations.

Which Sub Registrar Office covers Magazinepuram 2nd Street?

The Sub Registrar Office that covers Magazinepuram 2nd 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 in the registration process of property transactions in Perambur. It serves as a basis for calculating the stamp duty and registration fees that buyers must pay when purchasing property.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate transactions. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Magazinepuram 2nd Street?

The current guideline value of Magazinepuram 2nd 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 changed 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 for a property in Magazinepuram 2nd Street?

The stamp duty for a property in Magazinepuram 2nd Street is calculated at 7% of the guideline value, which amounts to Rs 1,12,000 for a 1,000 sq.ft plot at the current rate.

Where is the Sub Registrar Office located for Magazinepuram 2nd Street?

The Sub Registrar Office for Magazinepuram 2nd Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Magazinepuram 2nd Street?

Magazinepuram 2nd Street is classified as Residential Class V Type - I, which indicates its designation for residential purposes.