Guideline Value for MAGAZINEPURAM 3RD STREET

Magazinepuram 3rd Street guideline value

The current guideline value of Magazinepuram 3rd 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 3rd Street has changed

The guideline value for Magazinepuram 3rd Street has seen several revisions over the years. In 2003, the value was Rs 369 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking a 36% rise. The value then surged to Rs 1,500 per sq.ft in 2012, reflecting a significant 200% increase. However, it dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%. The value climbed to Rs 1,500 per sq.ft in 2023, before reaching the current rate of Rs 1,600 per sq.ft in 2024, a 7% increase.

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

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, indicating that the guideline value for Magazinepuram 3rd Street is below this median.

• Magazinepuram 2nd Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 4th Street: Rs 1,600 per sq.ft (2024)
• Magazinepuram 1st 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 3rd 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, and the registration fee at 2% would be Rs 32,000, leading to a total of 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Magazinepuram 3rd Street?

The Sub Registrar Office that covers Magazinepuram 3rd 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 crucial factor in the registration process for property transactions in Perambur. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value for Magazinepuram 3rd Street?

The current guideline value for Magazinepuram 3rd 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, showing a significant increase over the years with various revisions.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Where is the Sub Registrar Office for Magazinepuram 3rd Street located?

The Sub Registrar Office for Magazinepuram 3rd Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Magazinepuram 3rd Street?

Magazinepuram 3rd Street is classified as Residential Class V Type - I according to the local guidelines.